House Property

House Property If Self Occupied for more than one house, Income from Unoccupied, Business and Profession

Income from one House Property which is self occupied If assessee has only one house and that is self occupied than Income from that house will be nill or we can say GAV and municipal tax shall be nilĀ  and also standard or statutory deduction{Section 24(a)}are not allowed. However If the assessee has taken loanĀ  …

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Calculation of House Property Income Lying Vacant 23(1)(c)

House Property Income Lying Vacant for some period Whenever house is Letou some period and vacant for some period than expected rent shall be computed for 12 months but while computing rent received or receivable the period for which house was vacant shall be Expected rent received/receivable However if in any case Expected rent owing …

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Income Chargeable under the Head the Head House Property.

If income is earned by letting out House Property than Income shall be charged under the Head House Property However the If house property is sold and purchase than it will be taxable under the Head Capital Gain and If Sale and Purchase is Regular Course of Business than it should be taxable under the …

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