What is income from house property??:
What is income from house property?? INCOME FROM HOUSE PROPERTY (UNDER SECTION 22 TO 27): According to the Section 22, “income from house property means the annual value of property, consisting of any buildings or lands connected thereto, of which the assessee is the owner.”
THE FOLLOWING FOUR CONDITIONS MUST BE SATISFIED FOR A PARTICULAR INCOME TO BE TAXED UNDER THIS HEAD: :
THE FOLLOWING FOUR CONDITIONS MUST BE SATISFIED FOR A PARTICULAR INCOME TO BE TAXED UNDER THIS HEAD: 1.) The property must consist of a building or land attached to or connected with such build. 2.) The assessee must be the owner of the house property. 3.) The property should not have been occupied by the assessee for the purpose of carrying on his business or profession. 4.) It is the ‘annual value’ of the house property which taxed under the head income from house property.
CLASSIFICATION OF INCOME FROM HOUSE PROPERTY::
CLASSIFICATION OF INCOME FROM HOUSE PROPERTY:
FORMAT OF SELF OCCUPIED PROPERTY(SOP)::
FORMAT OF SELF OCCUPIED PROPERTY(SOP): PARTICULARS AMOUNT (RS.) AMOUNT (RS.) GAV/NAV NIL (-) Deductions U/S 24 1.) Interest on loan taken for purchase of property XXX LOSS FROM SOP XXXXX
FORMAT OF LET OUT PROPERTY(LOP)::
FORMAT OF LET OUT PROPERTY(LOP): PARTICULARS AMOUNT (RS.) AMOUNT (RS.) GAV XXX (-) MUNICIPAL TAX XXX NAV XXX (-) DEDUCTION U/S 24 1) STANDARD DEDUCTION (30% ON NAV) XXX 2) INTEREST XXX XXX INCOME FROM LOP XXXXX
WHERE GROSS ANNUAL VALUE (GAV) IS……:
WHERE GROSS ANNUAL VALUE (GAV) IS…… GAV AMOUNT (RS.) 1.) Fair rent (FR) XXX 2.) Municipal Value (MV) XXX 3.) Higher of (1.) & (2.) XXX 4.) Standard Rent XXX 5.) Reasonable Let out Property[Lower of (3.) & (4.)] XXX 6.)Rent Received XXX 7.) Higher of (5.) & (6.) XXX
Thank you….!!!!:
Thank you….!!!!