Wednesday, December 25, 2013

Income From House Property Full Information

Every money receipt by a person is not chargeable to tax. Section 14 of the Act specifies five heads of income on which tax can be imposed under the Income tax Act. In order to be chargeable, an income has to be brought under one of these five heads. The heads are (i) salaries (ii) Income from House property (iii) profits and gains of business or profession (iv) capital gains and (v) income from other sources.

In common parlance, property is understood in wide sense.It is not only the thing which is the subject matter of ownership but is taken to mean ‘dominon’ or right of ownership or even partial ownership.


A) What do you mean by Income from House Property ?
a)Unlike the other heads of income, Income from house property is a notional income based on a concept called Annual value . This is the value a property is expected to fetch if it is let out. It may be more than the actual rent being received if let out. If it is not let out the expected market/fair rent will be considered as annual value for the purpose of taxation. Property includes the building and the land surrounding it.

B) If a property is not a residential house, can its income still be considered as income from house property?

a) Yes, provided the property is not used for business purpose.

C)What are the conditions for taxing income from a property under this head?
The person should own the property.

D) Can interest paid on hand loans taken from friends and relatives be claimed as deduction while calculating house property income?
a) Yes.

E) I have two houses. One is a farmhouse that I visit on weekends and the other is in the city that I use on weekdays. Is it correct to treat both these residences as self occupied?
a) No. You can claim any one as self occupied. Incomes from buildings situated in or near agricultural farm are considered exempt provided they are used for dwelling of the farm owner/cultivator or for related purposes of storage etc.

F) I own two houses both of which are occupied by my family and me. Is there any tax implication?
a) Yes. As already mentioned in the answer to Q.No: 87, income from house property is a notional income and only in respect of one residential unit, if self occupied, it will be considered as nil . In case of the other residential unit, marketable rental value will have to be offered for tax.

G) My spouse and I are joint owners of a house constructed by availing housing loan separately. Are we both individually/separately entitled for deduction of the maximum interest payable of Rs.1.5 lakh?
a) No. The net taxable income from the property must be calculated first and then apportioned between the co-owners. In this process of calculation maximum interest payable of Rs.1.5 lakh can be considered only once.

H) My spouse and I jointly own a house for construction of which both of us have invested equally out of independent sources. Can the rental income received be split between us and taxed in the individual hands?
a) Yes.

I) I have 5 separate let out properties. Should I calculate the house property income separately for each individual property or by clubbing all the rental receipts in one calculation?
a) The calculation will have to be made separately for the various properties.


83 comments:

  1. we can always give food aid to the african countries if we just save some pennies and donate it to them, jual apartemen jakarta selatan

    ReplyDelete
  2. Its a great pleasure reading your post.Its full of information I am looking for and I love to post a comment that "The content of your post is awesome" Great work. Sobha windsor reviews

    ReplyDelete
  3. Even on the off chance that you live in a Hot Market where private real estate sells in 2-3 days there is an old way to deal with real estate that is becoming quicker by the day.....Residential Real Estate Investors.
    Haitch Conveyancing

    ReplyDelete
  4. A good blog always comes-up with new and exciting information and while reading I have feel that this blog is really have all those quality that qualify a blog to be a one. hausverwalter duisburg

    ReplyDelete
  5. It was a very good post indeed. I thoroughly enjoyed reading it in my lunch time. Will surely come and visit this blog more often. Thanks for sharing. Short term property loans

    ReplyDelete
  6. Property Digger is a search engine for property listings throughout the Arab Emirates. apartments in dubai silicon oasis

    ReplyDelete
  7. I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post. real estate photography

    ReplyDelete
  8. I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often. property gibraltar

    ReplyDelete
  9. There are lots of dissertation websites from the net dwell acquire unsurprisingly regarded from the internet websites. gibraltar property for sale

    ReplyDelete
  10. A significant part of the engaging finding out about an individual comes from that cusp and that house just as that individual's very own projection, reaction to its current circumstance and adapting abilities. king size silk sheets

    ReplyDelete
  11. When you use a genuine service, you will be able to provide instructions, share materials and choose the formatting style. muabannhadat

    ReplyDelete
  12. While property can be a rewarding and effective venture, it's anything but without its dangers. It is turning out to be progressively famous nowadays, particularly after the monetary downturn and securities exchange contributing as yet being generally dangerous.property investment workshop

    ReplyDelete
  13. Really I enjoy your site with effective and useful information. It is included very nice post with a lot of our resources.thanks for share. i enjoy this post. Batdongsan

    ReplyDelete
  14. New web site is looking good. Thanks for the great effort. Anna

    ReplyDelete
  15. This is really a nice and informative, containing all information and also has a great impact on the new technology. Check it out here: Real Estate investment tips

    ReplyDelete
  16. This comment has been removed by the author.

    ReplyDelete
  17. Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. chartered building surveyor london

    ReplyDelete
  18. Organizing expands a home's selling potential and force.laurelwood oaks

    ReplyDelete
  19. We should discuss warming frameworks now. In case you are building another home, purchasing another home or buying a current home you need to consider how your new home is warmed.Tampa Insulation

    ReplyDelete
  20. I really appreciate the kind of topics you post here. Thanks for sharing us a great information that is actually helpful. Good day! https://property-developer-guide.yolasite.com/

    ReplyDelete
  21. The move presently is to take care of your home-value credit extension so you can go rehash it. venice new construction

    ReplyDelete
  22. You make so many great points here that I read your article a couple of times. Your views are in accordance with my own for the most part. This is great content for your readers. houses for sale Northwich

    ReplyDelete
  23. As per insights, something like 80% of homebuyers purchase a house inside 5km of where they right now live. This being the situation, it's a good thought to make your own flyers utilizing Microsoft Word or Microsoft Publisher and have them printed expertly by a printer. Silk Beddings

    ReplyDelete
  24. This comment has been removed by the author.

    ReplyDelete
  25. If you purchase a new house then you should definitely need a plumber who can fix your home issues. I took help from jpplumbers whenever i face any issue related to plumbing. You can also try them.

    ReplyDelete
  26. I really thank you for the valuable info on this great subject and look forward to more great posts. Thanks a lot for enjoying this beauty article with me. I am appreciating it very much! Looking forward to another great article. Good luck to the author! All the best! We buy houses atlanta

    ReplyDelete
  27. Great article Lot's of information to Read...Great Man Keep Posting and update to People..Thanks richardson storage

    ReplyDelete
  28. Thanks for posting this info. I just want to let you know that I just check out your site and I find it very interesting and informative. I can't wait to read lots of your posts. Probate sale house atlanta

    ReplyDelete
  29. Here is the place where our qualities are set up and created to turn into the reason for the connections we work for ourselves in our future. As we mature, we structure our own singular family circles in addition to a bunch of different connections into which we enter.Europa-Road túlméretes szállítás

    ReplyDelete
  30. Wow, this is fascinating reading. I am glad I found this and got to read it. Great job on this content. I liked it a lot. Thanks for the great and unique info. https://www.jensensvacandsew.com

    ReplyDelete
  31. Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors. luxury life homes

    ReplyDelete
  32. I am very much pleased with the contents you have mentioned. I wanted to thank you for this great article. Marcia Backstrom

    ReplyDelete
  33. I have bookmarked your blog, the articles are way better than other similar blogs.. thanks for a great blog! why invest in cambodia

    ReplyDelete
  34. I really loved reading your blog. It was very well authored and easy to understand. Unlike other blogs I have read which are really not that good.Thanks alot! La Manga Club Property For Sale

    ReplyDelete
  35. You have a good point here!I totally agree with what you have said!!Thanks for sharing your views...hope more people will read this article!!! La Manga Club Property For Sale

    ReplyDelete
  36. I really loved reading your blog. It was very well authored and easy to understand. Unlike other blogs I have read which are really not that good.Thanks alot! Santa Rosalia Property For Sale

    ReplyDelete
  37. Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. Property for sale in France

    ReplyDelete
  38. The signs show characteristics, articulations and are expressive in nature. Home Improvement Blog

    ReplyDelete
  39. The main thing that we do as far as we can tell is to relate with each other. To not have the option to relate effectively causes problems for some. I have done a great many sky maps for huge number of individuals over my long stretches of being an expert soothsayer. Presumably the single thing that was generally vital to the individual being perused was connections, all things considered. Toward the finish of life, Silk bedding

    ReplyDelete
  40. The main thing that we do we would say is to relate with each other. To not have the option to relate effectively causes problems for some. I have done a great many sky maps for large number of individuals over my long periods of being an expert celestial prophet. Silk Robes for women

    ReplyDelete
  41. Selling your house is something you'll need to do possibly only a couple of times in your day to day existence. Silk bedding

    ReplyDelete
  42. I really loved reading your blog. It was very well authored and easy to undertand. Unlike additional blogs I have read which are really not tht good. I also found your posts very interesting. In fact after reading, I had to go show it to my friend and he ejoyed it as well! Property for sale in France

    ReplyDelete
  43. This is a great article thanks for sharing this informative information. I will visit your blog regularly for some latest post. I will visit your blog regularly for Some latest post. Sober living home

    ReplyDelete
  44. The main thing that we do we would say is to relate with each other. To not have the option to relate effectively causes problems for some. I have done a great many sky maps for huge number of individuals over my long stretches of being an expert celestial prophet. Silk bedding

    ReplyDelete
  45. Thanks for sharing this quality information with us. I really enjoyed reading. Will surely going to share this URL with my friends. Sober Living Near Me

    ReplyDelete
  46. Scarcely any spots can keep their entryways open with these unreasonable and illicit strategies because of the enormous overhead brought about (lights, power, warming, cooling, protection, contract installments, staff, Qld Waterproofers

    ReplyDelete
  47. You're in dispossession (or traveling that way) and simply need to sell quick without causing thousands in specialist commissions
    You can hardly wait the many months it at times takes to sell a house in your space, so you need to attempt to sell it all the more rapidly. Local Deck Builders

    ReplyDelete
  48. In past articles I have expounded on the parental hub, the fourth/tenth houses of any sky map, just as the individual maternal and fatherly jobs. Nonetheless, the family isn't only our folks or absence of them.silk pajamas for men

    ReplyDelete
  49. I’ve been searching for some decent stuff on the subject and haven't had any luck up until this point, You just got a new biggest fan!.. Property for sale in France

    ReplyDelete
  50. A decent party rental organization will have protection, and this is especially significant assuming children will utilize the jumping castle.https://www.justajumpininflatables.com/bounce_house_rentals_gainesville_ga/
    www.justajumpininflatables.com/bounce_house_rentals_gainesville_ga/

    ReplyDelete
  51. Nice blog and absolutely outstanding. You can do something much better but i still say this perfect.Keep trying for the best. frankfort IL Real Estate Agents

    ReplyDelete
  52. Assuming you are befuddled with regards to tracking down the requirements for your party, or need assistance sorting out what you will require, party rentals will help you a great deal. https://sites.google.com/view/double-d-party-rentals/home
    sites.google.com/view/double-d-party-rentals/home

    ReplyDelete
  53. This is really a nice and informative, containing all information and also has a great impact on the new technology. Check it out here:transfer file

    ReplyDelete
  54. You’ve got some interesting points in this article. I would have never considered any of these if I didn’t come across this. Thanks!.

    ReplyDelete
  55. Thanks for the nice blog. It was very useful for me. I'm happy I found this blog. Thank you for sharing with us,I too always learn something new from your post. Las Colinas Property For Sale

    ReplyDelete
  56. Great Website I just found it very useful, I just accidentally click the link mentioned on letmethink, ff redeem code updated and letmethink and get into your post. It's a very informative blog and the layout also user-friendly. Thanks

    ReplyDelete
  57. There are a lot more justifications for why you ought to pick silk bedding over any remaining sheet material materials. Silk bedding

    ReplyDelete
  58. In spite of the fact that there are numerous trustworthy organizations associated with this business, there are additionally the individuals who don't fittingly deal with the party supplies.Party rentals Fontana
    Table and chair rentals Fontana CA

    ReplyDelete
  59. Silk bedding assortments aren't only for the rich and popular any longer. silk pajamas for men

    ReplyDelete
  60. Thanks for sharing such a usefull and informative content, your post is awesome that will be understanding for everyone. You can also check my link below:
    Best Dentist in Dadar
    seo interview questions and answers
    Zirconia Crown services in Chennai

    ReplyDelete
  61. I would like to thank you for the efforts you have made in writing this article. I am hoping the same best work from you in the future as well. Thanks... sylmar homes for sale

    ReplyDelete
  62. buy twitch followers Role-playing games have been around for over three decades. During that time, there have been a horde of great RPGs for the PC. This is a list of five of the best PC RPG games ever.

    ReplyDelete
  63. Veterans Affairs (VA) mortgage loans have increased exponentially in recent years due to the downturn in the U.S. economy.  아파트론

    ReplyDelete
  64. The main thing that we do we would say is to relate with each other. To not have the option to relate effectively causes problems for some. I have done a great many sky maps for large number of individuals over my long periods of being an expert crystal gazer. Silk bedding

    ReplyDelete
  65. This is such a great resource that you are providing and you give it away for free. I love seeing blog that understand the value. Im glad to have found this post as its such an interesting one! I am always on the lookout for quality posts and articles so i suppose im lucky to have found this! I hope you will be adding more in the future... Property for sale in France

    ReplyDelete
  66. https://www.visualaidscentre.com/service/eyes-specialist-delhi/ Can you image what the world will be like if there were no games to be played? As for me, I do not play games often, and just sometimes play some small online games, which means that I do not need to download anything, just open the web browser, find the games and play them directly online.

    ReplyDelete
  67. Picking house windows for your home can be a troublesome assignment as there are such countless choices to choose from. https://www.westseattlewindowcleaner.com/pressure-washing-seattle-homeowners-best-friend

    ReplyDelete
  68. At the center of relationship issues are the underlying and essential connections we structure with our initial family. Here is the place where our qualities are laid out and created to turn into the reason for the connections we work for ourselves in our future. https://www.westseattlewindowcleaner.com/how-pressure-washing-in-bellevue-wa-can-benefit-your-home

    ReplyDelete
  69. Keep up to date the nice deliver the results, I actually learn very few discussions during this webpage plus There's no doubt that that your chosen website site is definitely serious helpful and has now became encircles with brilliant information and facts. concrete cancer repair

    ReplyDelete
  70. Great article thanks for sharing. Feel free to read my article on How to Unread Messages on Instagram

    ReplyDelete
  71. https://onohosting.com Video games have been around since the 1980s and since then, there have been plenty of colorful and sometimes even unusual games that have been played. Of course, there have also been plenty of twisted games that have also been hits in the gaming industry. In this article, I will talk about at least 5 of those games, including: Grand Theft Auto, Mortal Kombat, The Sims, Destroy All Humans, and Conker's Bad Fur Day.

    ReplyDelete
  72. To not have the option to relate effectively causes problems for some. I have done a great many sky maps for huge number of individuals over my long stretches of being an expert soothsayer. knysna construction company

    ReplyDelete
  73. Very good topic, similar texts are I do not know if they are as good as your work out. information

    ReplyDelete
  74. i never know the use of adobe shadow until i saw this post. thank you for this! this is very helpful. read more

    ReplyDelete
  75. If not you can basically list your house available to be purchased on a private deal site like PrivateSales.com.au.
    round bed frame

    ReplyDelete
  76. Use our Mortgage Payment Frequency Calculator Canada to determine your payment or loan amount for different payment frequencies. Mortgage Payment Frequency Calculator Canada

    ReplyDelete
  77. If you live in Prince Edward Island, British Columbia or Ontario then you might qualify for the land transfer tax rebate. what you need to know.Land transfer tax rebate calculator

    ReplyDelete
  78. A home buying guide for first-time buyers with current information and calculators and every step of the buying process. Home Buying Process in Canada

    ReplyDelete
  79. No matter what your area, a towing administration will get to you when soon feasible however long the area is covered with the their area of activity.Tow Me St. Louis - Hazelwood

    ReplyDelete
  80. If you need good knowledge about prime locations in Mohali, then you are at the right place. Mohali Mag will provide you with all the related information.

    ReplyDelete
  81. Thank you so much for such a well-written article. It’s full of insightful information. Your point of view is the best among many without fail. For certain, It is one of the best blogs in my opinion. Single Family homes

    ReplyDelete

Copyright © 2015 accounting tally taxation tutorials All Right Reserved
Subscribe by Email Get Free Updates
Don't Forget To Join US Our Community
×
blogger