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House Property

Standard Deduction – Section 24a

Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction. Flat 30% of deduction shall …

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Deemed Ownership – Section 27

In the following cases the person is deemed to be owner of the property even if they are not the legal owners of the property:- 1) An individual who transferred his property without adequate consideration to his or her spouse (otherwise than in …

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Co-ownership – Section 26

Meaning of Co-owner – When the property is owned by two or more person, they are known as co-owners. Taxability If their respective shares are definite and ascertainable then the income from House Property shall be calculated as per the general provision …

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