Category Archives: House Property

Income from House Property

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What is house property? House property as per the Income-tax Act, 1961 means any building (or land adjacent to such building) owned by assessee himself. House property includes flats, shops, office space, factory sheds, commercial building, agricultural land and farm houses etc. When is house property income  taxable? House property… Read more »

Eligible deductions from House property Income

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Rental income received by taxpayer is taxable under ” Income from House Property”. However Income Tax Act, 1961 has provided some expenditures under Section 24 which can be claimed as deduction. Click here to know about “Income from house property”. There are 2 deductions eligible to be deducted from Net Annual… Read more »

FAQs on Income from house property

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Q. What if fair value of a property cannot be determined? Ans. :-  Fair value means market value of the property. So if the fair value is not available or cannot be ascertained, fair market value of  similar property in the same location shall be taken as the fair value… Read more »