What You Will Learn!
- INCOME FROM HOUSE PROPERTY U/S 22 – 27
- Meaning of Income form house Property
- Important Term relating Income form House Property
- Deemed owner
- Annual Value
- Classification of Let out House
- Computation of Annual value in case of house not covered by the Rent Control Act 1972
- Computation of Annual value in case of house covered by the Rent Control Act 1972
- Conditions of rule 4
- Deductions out of net annual value (Section – 24)
- Maximum Limit of interest on Loan
- Arrear rent and Unrealized rent recovered
- Unrealized rent recovered if Deduction allowed is given
Description
Income From House Property U/s - 22 - 27
Contents :
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 Assessee
Deemed owner :
a) Property to spouse or minor child without adequate consideration
b) Member of Co-operative society etc.
c) Impartible Estate
Annual Value
Classification of Let out House :
Let out House
Self occupied House
Self Business /Profession Purpose House
A. Computation of Annual value in case of house not covered by the Rent Control Act 1972
B. Computation of Annual value in case of house covered by the Rent Control Act 1972
Conditions of rule 4
Computation of Income from House Property
Deductions out of net annual value (Section – 24)
Computation of Interest on loan
Important points
1. Loan Amount 2. Interest Rate 3. Loan Taking Date 4. Construction completion date
Maximum Limit of interest on Loan
Arrear rent and Unrealized rent recovered
Unrealized rent recovered if Deduction allowed is given
Condition of Rule - 4 :
a. The tendency should be bonafide or the house actually should be let out on rent.
b. The house has been vacated by the tenant or sufficient action has been taken to get the house vacated.
c. The tenant is default must not have any right on any other property of the landlord.
d. The assessee has completed all legal formalities in recovering the rent or he has satisfied the income-tax officer fully that any more legal activity will be useless in the case.
Who Should Attend!
- Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.
