One property at the option of the assessee treated as self-occupied and income shall be computed as in the case self-occupied property kept vacant For all other properties self-occupied, income shall be calculated as deemed let out. The assessee can choose an option which will have lower taxable income that may be computed as follows: […]
Read MoreSelf occupied house property or self occupied property kept vacant by the assessee due to employment or carrying on the business or profession in any other place and the assessee occupies any premises not owned by the assessee in the other place
Read MoreMeaning: Arrears of rent means the incremental rent relating to earlier financial years which has not been offered to tax in those financial years itself, but received during the current financial year. Chargeability: Receipt of arrears of rent will be chargeable to tax under the head income from house property only. Year of taxability: It […]
Read MoreWhen the house property is owned by two or more persons, the income from such property shall be determined in the following manner-
Read MoreRules for allow ability of unrealized rent (Rule 4) Unrealized rent means the rent not paid by the tenant and realized by the owner and the same shall be deducted from the actual rent receivable from the property before computing income from that property, provided the following conditions are satisfied- The tenancy is bonafide. The […]
Read MoreConditions for taxing the income under this head (Sec. 22) The basis of chargeability under the head income from house property is Annual Value The property must consist of Building or Land Appurtenant thereto. Building includes not only residential building, but also factory building, offices, shops, Godowns and other commercial premises. Land appurtenant means land […]
Read MoreLoss or expenditure already allowed in computation of income from other sources and subsequently recovered shall be treated as the income of the previous year in which it is recovered. Deemed Dividend (Sec. 2(22)): Dividend for the purpose of Income Tax is a wider term than what is understood in common parlance. The Act provides […]
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