Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

House Property

Income under Head “ Income from House Property” [Section 22 to 27]

“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 …

“Income from House Property” [Section 22 to 27] Read More »

[Section 23(1)]- Computation of Annual Value’ of a Property – 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: Step I: Determine the gross …

[Section 23(1)]- Computation of Annual Value’ of a Property – for computing House Property Income Read More »

[Section 23(2), (3) & (4)]- Computation of Income of a Property which is Self-Occupied for Residential purposes

1.   [Section 23(2)(a) & (b)]- Where the Annual Value of such House shall be Nil: Where the  property consists of a house or part of a house which— (a)           is in the occupation of the owner for the purposes of his own residence; or (b)          cannot actually be occupied by the owner by …

[Section 23(2), (3) & (4)]- Computation of Income of a Property which is Self-Occupied for Residential purposes Read More »