Transcription of Income from House Property - Income Tax …
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Income from House Property - Income Tax …
Advance Learning on Income from House Property (Practical) Meaning of House Property :- House Property consists of any building or land appurtenant thereto of which the assessee is the owner. The appurtenant lands may be in the form of a courtyard or compound forming part of the building. But such land is to be distinguished from an open plot of land, which is not charged under this head but under the head Income from Other sources or Business Income , as the case may be. Besides, House Property includes flats, shops, office space, factory sheds, agricultural land and farm houses. Further, House Property includes all type of House properties, , residential houses, godowns, cinema building, workshop building, hotel building, etc. Example:- Mr. X has one big House .
House I: As the house property is let out through out the previous year the annual value shall be determined as per . clauses (a) and (b) of Sec. 23(1)
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