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Chargeability - (Sec. 22)

Income Tax - House Property Income - 01 - SEC - 22: CHARGEABILITY The Annual Value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner is chargeable to income tax under the head Income from house property . CONDITIONS FOR CHARGEABILITY Property should consist of any building or land appurtenant thereto Income from letting out of vacant land is taxable under the head Income from other sources . Assessee must be the owner of the property Owner is .....

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n by him, the profit of which is chargeable to tax. Property held as stock in trade etc. Annual value of HP will be charged u/h IHP in the following cases also: Where it is held by the assessee as stock in trade of a business Where the assessee is engaged in the business of letting out of property on rent. Exceptions The annual value of such portions of the property, which is occupied by the assessee for the purpose of any business or profession carried on by him, the profit of which is chargeab .....

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