Treatment of Income from House Property

• December 22, 2020
• CA Chandan Agarwal's Office

Income from House Property

Hello Friends, as u know the time of filing of income tax return is near and this article will helpful for the assesses who has income from house property, yes, in this article we are going to discuss the taxability of Income from House Property.

First of all, there are some conditions for chargeability of the section, these are

1. Property should consist of any building or land appurtenant thereto.

2. Assesses must be the owner of the property, here ownership includes deemed ownership.

3. There must be a use of the property.

4. The property includes held as stock-in-trade etc.

Now, the process of computation of income from house property starts with the determination of annual value, and the method of determination is laid down in section 23. There are two exceptions of the chargeability, these are:

Read more on: https://taxguru.in/income-tax/treatment-income-house-property.html