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of <h1>Deductions for house property income include local taxes, 20% for repairs, and interest on property loans.</h1> Deductions for computing income from house property include taxes paid to a local authority, a sum equal to 20% of the gross rent for repairs and maintenance, and interest on loans for acquisition, construction, repair, or renovation of the property. Interest on loans for repayment of such loans is also deductible. Interest applicable to periods before the financial year of acquisition or construction can be deducted in five equal installments starting from that financial year. Any interest already deducted under other provisions must be reduced from the deductible amount.
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