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 be allowed irrespective of the expenses incurred by

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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 connection with an agreement to live apart) his minor

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Deduction of Interest on Housing Loan – Section 24b

Introduction Section 24b of income tax act allows deduction of interest on home loan from the taxable income. Such loan should be taken for purchase or construction or repair or reconstruction of house property. Such deduction is allowed on accrual basis, not on paid basis. In other words, the interest

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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 and then apportioned amongst each co-owner as per

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Conditions for Taxability under House Property – Section 22

1) The property should be consisting of any building or land apparent thereto. Income from letting vacant land is chargeable to tax under “Income from Other source – Section 56” not under this head “Income from House Property – Section 22”. The purpose for which the building is used by

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Taxability in special cases under House Property

Case 1 – Computation of Income of a house property which is self occupied for residential purposes Case 2 – Computation of Income of a house property which could not actually be self occupied owing to employment at other place Case 3 – Where assessee has more than one house for self occupation

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Computation of Income under House Property

A) Fair Rent XXX B) Municipal Value XXX C) Higher of A or B XXX D) Standard Rent XXX E)  Expected Rent (Lower of C or D) XXX F) Actual Rent XXX G)  Gross Annual Value (higher of E or F ) XXX H) Less: Municipal Tax XXX I) Annual Value (G – H)

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Gross Annual Value of House Property

Section 23 – Income from house property is taxable on the basis of annual value. Even if the property is not let out during the year or let out only for a part of the year, notional rent receivable is taxable as its annual value. Annual value of the house

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