Category: Income from House Property

Computation of Income under the head Income from House Property for the Assessement Year 2020-21 with new Amendment in Finance Bill 2020 has been described.

Taxable Income from a Self-Occupied House Property

In the case of a Self-Occupied House Property, the Procedures for determining Taxable Income is as follows: 1. Features to regulate Tax Incidence on Self-Occupied House Properties: Before steps for computation are explained, it would be advisable to highlight the following features which regulate tax incidence on self-occupied properties: Where […]

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Computing Taxable Income from a Let-Out House Property

Income from a Let-Out House Property is determined as under: 1. Gross annual value Xxxx 2. Less : Municipal Taxes Xxxx Net Annual Value Xxxx 3. Less : Deduction under Section 24 Xxxx – Standard Deduction Xxxx – Interest on borrowed Capital Xxxx Income from House Property Xxxx 1. Gross […]

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Annual Value of House Property [Section 23(1)]

As per section 23(1)(a) the Annual Value of any property shall be the sum for which the property might reasonably be expected to be let from year to year. It may neither be the actual rent derived nor the municipal valuation of the property. It is something like notional rent […]

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Exempted Incomes From House Property

Under section 10 of the Income-tax Act 1961 following incomes from house property are exempted from tax. These incomes are not to be included in the total income of assessee. Hence no tax is payable on such incomes. These incomes are : – 1. Agricultural House Property [Section 2(1)(c)]. Income […]

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Income from House Property-Definition & Meaning (Section 22)

The income from houses, buildings, bungalows, godowns etc. is to be computed and assessed to tax under the head “Income from house property”. The income under this head is not based upon the actual income from the property but upon notional income or the annual value of that building. The […]

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