Clause 23 - Income from House Property - Direct Taxes Code Bill, 2009

C. - Income from house property Income from House Property 23. (1) The income from any house property owned by the person shall be computed under the head "Income from house property". (2) The income from any house property shall be computed under this head notwithstanding that the letting, if any, of the property is in the nature of trade, commerce or business. (3) The income from any house property owned by two or more persons having definite and ascertainable shares shall be computed separately for each such person in respect of his share. (4) The provisions of this section shall not apply,- (a) to any portion of the property which the person occupies for the purposes of his business, the income from which is computed under the head "Income from business"; (b) to any property which is not ready for use during the financial year.