Exempted income from house property

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Exempted income from house property:

The annual value of one self-occupied property for own residence is exempted from tax under Section 23(2). Income from property used for one's own business or profession is also tax-exempted under Section 22.


In which of the following cases the house property income is exempt from tax?

Cases where house property income is exempt from tax

Section 10(1) - Income from any farm house forming part of agricultul income. Section 10(19A) - Annual value of any palace in the occupation of an ex-ruler. Section 10(20) - Income from house property of a local authority.


How amny house properties are exempt?

Two house properties

As per the new provision, if an assessee owns more than two houses, then he can claim the annual value of any of the two house properties as nil. Thus, a person will be not required to pay tax on the market rent of the second house property.



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