10 Golden Rules for Claiming Deductions from House Property Income !

Do you know that one simple fault can restrict your interest deduction in case of self occupied house to Rs 30,000 from the maximum allowed Rs 1, 50,000? Whether water tax charged by Municipal Corporation is deductible from annual value of house property or whether you can borrow the home loan from a friend or whether the interest can be deducted u/s 24 despite the fact that you have not paid the interest. These are types of questions which has been answered in this post.