Income from house property

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Income from house property:

Income from House Property in India: The income arising out of a house property either in the form of a rental income or on its transfer is referred to as 'income form house property'. ... In essence, any property such as house, building, office, warehouse is treated as 'house property' under the Income Tax Act.


How is income from house property calculated?

The property owner cannot charge a rent higher than the standard rent fixed under Rent Control Act. Net Annual Value (NAV) is the value calculated as Gross Annual Value minus Municipal taxes paid. ... There are deducted to ascertain the Actual taxable income.


What is taxable as income from house property?

A taxpayer can claim deduction under Section 24 of interest paid on home loan for each of the houses separately. However, the overall loss from house property that acn be claimed for a year is restricted to Rs 2 lakhs. ... Therefore, the rental income would be considered as your income from house property.


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