Incomes-Exempted from "House Property" Income

2.2.      FOLLOWING INCOMES ARE EXCLUDED FROM THE CHARGE OF TAX UNDER “INCOME 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.  Annual Value of the House Property used for business purpose -        This is subjected to tax under Income from Other Sources.

2.  Income from Rent received from vacant land - This will be treated under “ Income from Other Sources ”.

3.  Income from house property situated nearby agricultural land and used as a Store House, Dwelling House etc., by the cultivators- This will be treated under “ Agricultural Income”.

4.  House Property held for charitable purposes e.g. Rent from shops owned by a Temple is also exempted.

5.  Property held by restricted trade union is not to be included in its Gross Total Income.

6.  Income from Farm House.

7.  Property income of a local authority.

8.  Property income of an approved Scientific Research Association.

9.  Property income from Educational Institution and Hospital

10. House Property held for Charitable purposes.

11. Property income of a political party

12. One Self-occupied Property.

However, the following incomes are Taxable under “Income From House Property”:

1.  Any arrears of rent, not taxed u/s 23 received in a subsequent year.

2.  Incomes earned by letting-out any farm house or agricultural land for any purpose other than agriculture.

3.  Letting of Shops, Complexes, Commercial Buildings.

4.  When the property is let-out.

 
MORE TOPICS ...
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 :
 
 
 
 
 
GST (India)
F.A.Q. on GST
GST Forms Download
GST Compensation Law
GST Enrollment Process
GST Law & Act.
GST Rules
GST Schedule ( I to V )
IGST Law & Act.
GST A Practical Knowledgebase
Filing GST Return
Enroll & Registration with GST
GST Office Tool to File GST Return
LIBRARY @ Tax Management
TAX & INVESTMENT GUIDE FOR "NRI"- Non-Resident Indians !
GUIDE & FAQ @ TAX
GRAPHICAL PRESENTATION @ TAX
TIPS & TRICKS @ TAX
MANAGERIAL & FINANCIAL DECISIONS @ TAX
5 GOLDEN RULES OF TAX PLANNING
FAMILY TAX PLANNING
DEDUCTIONS FROM YOUR INCOME
EXEMPTED INCOMES
HUF - FORMATION, MANAGEMENT & TAX PLANNING
COMPUTATION OF GROSS TOAL INCOME
INCOME TAX @ GLANCE
MULTIPLE KNOWLEDGEBASE ON TAX
51 TIPS ON TAX PLANNING
APPEALS UNDER INCOME TAX
ASSESSMENTS
PENALTIES UNDER IT DEPATMENTS
TAX SAVING SCHEMES
TAX READY RECKONER
TAX RATES
PROSECUTIONS UNDER INCOME TAX DEPARTMENT
TAXATION SYSTEM IN INDIA
CHARITABLE & RELIGIOUS TRUST - TAXATION
PRESCRIBED FORMS WITH with Section / Rules
TAX @ KNOWLEDGE BASE !

Most Popular Links :

Clubing of Income Deduction U/s 80C
Allowances Us-17(3) Exemption-Salary
Tax Amendment-2015 Taxable Income
Clubing of Income Tax Deductions
HUF Deduction HUF Investment
Gift by HUF HUF Tax Planning Tips
Tax Saving Schemes Tax Planning Tips
Refund of Tax Fringe Benefit Tax-FBT
Return Filing Assessment / Scrutiny
Notice from I.T. Dept. Incomes Types @ TDS
Exemptions-Tax Returns “Summon” U/s 131
'Black Money' @ I.Tax Big Gifts To Be Taxed
'Appeals' under I.Tax Assessment @ I.Tax
Exempted Incomes Capital Gain
Business & Professions House Property
Salaries @ I.Tax Partnership Firm
'Penalty' under I.Tax Act. Tax Ready Reckoner
Charitable Trust Useful Links @ I.Tax
 

Disclaimer:
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

Tally.ERP9 Book Online Order Tally.ERP9 Book Content