ITR deadline nears: Here's how to report house property income in tax returns

Whether you own a self-occupied house or earn rental income from a residential property, you are required to report it appropriately while filing your Income Tax Return (ITR). The Income Tax Act classifies earnings from residential and commercial properties under the head 'Income from House Property', with the method of reporting varying based on how the property is used.With the deadline for filing ITRs for individuals without business income approaching, taxpayers who own residential property should ensure they report it correctly in their tax return. Whether the house is self-occupied, rented out or jointly owned, the method of reporting—and the deductions available—can vary depending on the property's usage. Here's a guide to reporting income from house property while filing your ITR.Who needs to report house property income?Any taxpayer who owns a property during the financial year may have to disclose it while filing their ITR.