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Calculation of Tax under House Property Income.

Income Tax - By: - Pulkit Jain - Dated:- 2-1-2017 Last Replied Date:- 2-1-2017 - Income from house property is one among the taxable heads of income as per the Income Tax act. It constitutes the income earned from a property by his/her owner. Property hereby refers to any building (house, office building, godown, factory, hall, shop, auditorium, etc.) and/or any land attached to the building (e.g. Compound, garage, garden, car parking space, playground, gymkhana, etc.). This is the only head of .....

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ppurtenant (belonging) thereto, except such property which is used by assessee for the purpose of business and profession, shall be the taxable value. How to determine Annual Value? Gross Annual Value (GAV) of property will be required to determine the annual value, which is higher of: (a) The sum for which the property might reasonably be expected to let from year to year. In cases of properties where Standard Rent has been fixed, such sum cannot exceed this value. However, where property was v .....

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e amount received towards rent/security deposit from the tenant Repairs carried out by the tenant. Income from house property can be defined as the income earned from a property acquired by the assesse and is merged with the total income. When Annual Value is NIL ? The annual value of a property shall be considered nil in following cases:- (a) Self-occupied property, i.e. property which is in occupation of the owner for the purpose of his own residence and he does not derive any other benefit ou .....

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erest paid on borrowed capital. Net Annual Value is arrived at after deducting the municipal taxes and the unrealized rent (subject to certain conditions). However, receipt of any unrealized rent shall be chargeable to tax in the year of receipt. Deductions u/s 24 Serial No Particulars Amount or Percentage Deduction 1 Standard deduction 30% of Net Annual Value 2 Property acquired/constructed after 1st April, 1999 with borrowed capital (deduction is allowed only where such acquisition or construc .....

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