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How is the income from house property computed?
The income from house property is computed after making certain deductions to the annual value or annual lettable value of the property. The first and most important step is the computation of annual value (AV) or (ALV) of the said property. The ...
What is classified as “Income from house property”?
When you own a property, which may be a building, flat, house, bungalow, gala, factory building or a shop, it may or may not yield a rental income. Such income which you have received or could have received if the property was given on rent is ...
How is income from a house property as per the Income tax Act different from the ‘rental income’ received from house property?
The rental income is received by a person against renting out of his property. The computation of income from house property is NOT solely dependent on this rental income. If you are not receiving rental income, it does not mean that the House ...
I have transferred my house property to my minor child who is not married. In whose hands will the income from the house property be taxed?
As per section 27(i) of the IT Act, you shall be the owner of the house property and hence the income shall be taxed in your hands.
What is considered ‘House Property’ for the purpose of Income Tax?
‘House Property’ implies ‘a building or buildings with lands connected thereto’. It means that it should be a superstructure which is capable of occupation, and the building must be the most prominent part of the said property comprising of land and ...