I have rented out a part of my house property and I stay in another part of the same house property. In such case, how will the income be computed?

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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 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 ...

• How do I compute income from a property which is self-occupied for part of the year and let out for part of the year?

    Such a property will be treated as been let-out throughout the year and income will be computed accordingly. However, while computing the taxable income in case of such a property, actual rent will be considered only for the let-out period.

• How is income from a house property as per the Income tax Act different from the ‘rental income’ received from house property?

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• I have transferred my house property to my spouse through a gift. We are living together and not separated. In whose hands will income from the house property be taxed?

  In such a case, you shall be the owner of the house property and hence the income shall be taxed in your hands. (Section 27(i) of the I T Act)