House Property Flashcards
Section 23
Determination of Annual value
Section 22
Chargeable section house property
Section 23(1)
Treatment of unrealised rent
Section 23(1)(a)/(b)
House property is let out throughout the previous year
Section 23(1)(c)
Let out house property is vacant for part of the year
Section 23(2)
In case of self occupied property or un occupied property
Section 23(3)
Where house property is let out for part of the year and self occupied for part of the year
Section 23(4)
Deemed to be a let out property
Section 24
Deduction from annual value
Section 24(a)
Standard deduction 30%
Section 24(b)
Interest on borrowed capital in case of house property is allowed as deduction
Section 25
Inadmissible deduction
Section 25AA
Unrealised rent when realised is taxed
Section 25B
Arrears of rent
Section 26
Treatment of income from co-owned Property
Section 27
Deemed ownership
Section 27(i)
Transfer to a spouse , Transfer to a minor child
Section 27(ii)
Holder of an impartible estate
Section 27(iii)
Member of a cooperative society
Section 27(iiia)
Person in possession of a property
Section 27(iiib)
Person having right in property for a period not less then 12 years
Section 10(1)
Income from any forming part of agricultural income exempt
Cases where income from house property is exempt from tax
10(1) Income from any farm house forming part of agricultural income.
10(19A) Annual value of any one palace in the occupation of an ex-ruler.
10(20)Income from house property of a local authority.
10(21) Income from house property of an approved scientific research association.
10(23C) Property income of universities, educational institutions, etc.
10(24) Property income of any registered trade union.
11 Income from house property held for charitable or religious purpose.
13A Property income of any political party.
22 Property used for own business or profession
23(2) One self-occupied property of an individual/HUF
