What is classified as “Income from house property”?

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• How is the income of a taxpayer classified under the I-T Act?

  Section 14 of the I-T Act has classified the taxpayer's income under five different heads of income,   Salaries  Income from house property  Profits and gains of business or profession  Capital gains  Income from other sources

• 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 ...

• 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 ...

• 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 ...

• House Property

  If you have multiple house property then click on Add. If your interest amount is more than Rs 2 lac then you are eligible to claim deduction of Rs 50,000 U/S 80 EE for Self Occupied property.(By fulfilling all the conditions for 80EE) Losses can be ...