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BLOG on Income Tax Management for - AY 2022-23 & 2023-24

Check List for Assessment of .. "House Property" Income



Nature of Item/Claim

Supporting Document

1. Income declared for the first time

(i) Details of property acquired :  -  Address, cost and date of possession.

(ii) Sources from which cost was met, to prove that the source was from post-tax savings and / or gifts or loans.

(iii) Confirmatory letters from the parties in respect of gifts / loans from private parties.

(iv) Copy of purchase deed.

(v) Where loan is taken from sources, like employer, LIC, HDFC, HUDCO, Canfin Homes, etc., copy of the order sanctioning loan.

2.Annual Value

Municipal Valuation report or Standard Rent Calculation.

If let out, receipt for rent and copy of lease deed, if one is executed.

3.Duduction of Municipal Taxes

Relevant receipt evidencing payment during the year

4.Deduction for interest on borrowals

Details of calculation, and proof of payment.

5.Vacancy allowance

Details of vacancy period

6.Deduction for unrealized rents.

Document supporting action taken for eviction of tenant and for realization of outstanding rent

7.Income from self-leased properties.

Copy of relevant lease deed.

Related Topics... 'House Property' [ Sec. 22 to 25]

  1. Definition of the Head ' Income from House Property ' - [Section 22]

  2. Deemed Owner of House Property (Section 27) for calculating ' Income from House Property '

  3. Exempted House Property Income for calculating ' Income from House Property '

  4. Computation of 'Annual Value' of a Houes Property [Section 23(1)] for calculating ' Income from House Property '

  5. How to Compute Taxable Income from Self-Occupied House Property

  6. Deductibility of Taxes Levied by Local Authority (i.e. Municipal taxes) of House Property Income

  7. DEDUCTIONS Out of Net Annual Value (NAV) of House Property Income (Section 24) for calculating ' Income from House Property '

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