Income from House Property

Income House Property - Income Tax

Ratings: 0.00 / 5.00




Description

Income From House Property U/s - 22 - 27

Contents :

1. What is a Building ?

2. Consist of Building and Land appurtenant/ attach there to

3. Assessee should be owner of the house

4. Building situated in India

5. House Property used by owner for his own business or profession

6. Self occupied house 

7. Rent from paying guest

8. Composite Rent

9. Rent received from subtenant

10. Deemed owner

11. Rent received from a house which is beneficial for Business or Profession of Assessee

Deemed owner :

a) Property to spouse or minor child without adequate consideration

b) Member of Co-operative society etc.

c) Impartible Estate

Annual Value

Classification of Let out House :

Let out House

Self occupied House

Self Business /Profession Purpose House

A. Computation of Annual value in case of house not covered by the Rent Control Act 1972

B. Computation of Annual value in case of house covered by the Rent Control Act 1972

Conditions of rule 4

Computation of Income from House Property

Deductions out of net annual value (Section – 24)

Computation of Interest on loan

Important points

1. Loan Amount 2. Interest Rate 3. Loan Taking Date 4. Construction completion date

Maximum Limit of interest on Loan

Arrear rent and Unrealized rent recovered

Unrealized rent recovered if Deduction allowed is given

Condition of Rule - 4 :

a. The tendency should be bonafide or the house actually should be let out on rent.

b. The house has been vacated by the tenant or sufficient action has been taken to get the house vacated.

c. The tenant is default must not have any right on any other property of the landlord.

d. The assessee has completed all legal formalities in recovering the rent or he has satisfied the income-tax officer fully that any more legal activity will be useless in the case.

What You Will Learn!

  • INCOME FROM HOUSE PROPERTY U/S 22 – 27
  • Meaning of Income form house Property
  • Important Term relating Income form House Property
  • Deemed owner
  • Annual Value
  • Classification of Let out House
  • Computation of Annual value in case of house not covered by the Rent Control Act 1972
  • Computation of Annual value in case of house covered by the Rent Control Act 1972
  • Conditions of rule 4
  • Deductions out of net annual value (Section – 24)
  • Maximum Limit of interest on Loan
  • Arrear rent and Unrealized rent recovered
  • Unrealized rent recovered if Deduction allowed is given

Who Should Attend!

  • Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.