HOUSE PROPERTY INCOME- Direct Taxes |
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1-"Income from House Property" [Section 22 to 27] |
| The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner shall be subject to Income-tax under the head 'Income from house property' after claiming deduction under section 24 provided such property, or any portion of such property is not used by the assessee for the purposes of any business or profession, carried on by him, the profits of which are chargeable to Income-tax. An analysis of the above would reveal the following: |
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2- 'Computation of Annual Value' of a Property [Section 23(1)] – for computing House Property Income |
| The Income-tax Act has used the term 'Annual Value' only in this chapter. As per the Act the annual value is the value after deduction of municipal taxes, if any, paid by the owner. But for sake of convenience, the annual value may be determined in the following two steps: |
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3. Computation of Income of a Property which is Self-Occupied for Residential purposes [Section 23(2), (3) & (4)] |
| Where the Annual Value of such House shall be Nil; Where the Annual Value of such House shall not be Nil; Where assessee has more than Two Houses for Self Occupation; Deduction in respect of one or Two self-occupied houses where Annual Value is Nil; Computation of income of House Property which is Partly Let and Partly Self Occupied… |
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