Share |

Computation of Income from.. "Self-Occupied House Property" Income


# When Property is in the occupation of the owner and not let-out during any part of the previous year, the Annual Value will be taken as NIL.

# When more than one house is held by the owner and is in the occupation of the Owner for his residential purpose, then only one residence value, at Owner’s choice, will be taken as NIL. For other House/s, the tax is computed as though the Property is Let-Out.

# When the Annual Value is taken as NIL, no deduction u/s 24 is allowed except...
in respect of interest paid on capital borrowed for acquisition/construction and the same is completed within 3 years from the end of financial year in which the loan was borrowed subject to a maximum    of Rs. 1,50,000 p.a..

# Deduction in respect of Interest on housing loan during the period of construction  is allowed in equal installment over a period of 5 years commencing from the year of completion. However, this will be within the overall limit u/s 24(b) of the Act.

# There is no limit for the interest on borrowed loan in respect of Let- Out Property.

# If there is a “Loss from House Property” , the same can be set-off against income from any other head in the same
Assessment Year.

# If the Loss cannot be set-off against income from any other head in the same Assessment Year, the Loss is allowed to be carried forward and set-off in 8 subsequent Assessment Years against income from House Property only.

Chat Showing Computation of 'House Property' Income
Check List for Assessment of .. "House Property" Income
Computation of Income from.. "Let-Out House Property" Income
Computation of Income from.. 'Self-Occupied House Property" Income'
Definition-Income from 'House Property'
Incomes-Exempted from 'House Property' Income :

Get Updated ....
Tally.ERP 9 Book
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Budget 2017-2018 GST (FAQ, Law, Act. Rules, Schedule, Enrollment)

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications