Income from House Property

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Income From House Property U/s - 22 - 27Contents : 1. What is a Building ? 2. Consist of Building and Land appurtenant/ attach there to 3. Assessee should be owner of the house 4. Building situated in India 5. House Property used by owner for his own business or profession 6. Self occupied house  7. Rent from paying guest 8. Composite Rent 9. Rent received from subtenant 10. Deemed owner 11. Rent received from a house which is beneficial for Business or Profession of AssesseeDeemed owner : a) Property to spouse or minor child without adequate considerationb) Member of Co-operative society etc.c) Impartible EstateAnnual ValueClassification of Let out House : Let out House Self occupied House Self Business /Profession Purpose HouseA. Computation of Annual value in case of house not covered by the Rent Control Act 1972B. Computation of Annual value in case of house covered by the Rent Control Act 1972Conditions of Rule 4Computation of Income from House PropertyDeductions out of net annual value (Section – 24)Computation of Interest on loanImportant points 1. Loan Amount 2. Interest Rate 3. Loan Taking Date 4. Construction completion dateMaximum Limit of interest on LoanArrear rent and Unrealized rent recoveredUnrealized rent recovered if Deduction allowed