Income under head house property

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Income under head house property:

While computing income chargeable to tax under the head "Income from house property" in case of a let-out property, the taxpayer can claim deduction under section 24(b) on account of interest on loan taken for the purpose of purchase, construction, repair, renewal or reconstruction of the property.


Is income from house property a head of income?

Income from House Property definition: The 'income from House Property' is one of the five heads of income that is taken into account for calculating the gross total income (GTI) of an assessee during the year.


What are the bases of charging income under the head income from house property?

Basis of Charge [Section 22]:

Income from house property shall be taxable under this head if following conditions are satisfied: ...b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose of business or profession carried on by the taxpayer.



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