INCOME FROM HOUSE PROPERTY

Question 1

CHARGING SECTION

Answer 1

SECTION 22

Question 2

SECTION 22

Answer 2

The annual value of
● property
● comprising of building and land appurtenant thereto,
● of which the assessee is the owner,
● is chargeable to tax under the head house property after deductions under section 24.

Question 3

Building + Land Appurtenant thereto

Answer 3

The term house property shall include
○ not only the buildings
○ but also the lands appurtenant thereto i.e. the term house property shall include even any open land which is part and parcel of the building.
● Income from letting out of vacant land is, however, taxable under the head income from other sources.

Question 4

Annual Value

Answer 4

Section 23 of Income-tax Act 1961

Question 5

Annual Value -Section 23 of Income-tax Act 1961

Answer 5

Annual value in case of property which is let out throughout the previous year.
The annual value of any property shall be deemed to be
a. The sum for which the property might reasonably be expected to let from year to year (Popularly Known as Expected rent);or
b. If the actual rent received or receivable is in excess of the sum referred to in clause(a), the amount so received; or In other words actual rent or expected rent whichever is higher will be GAV.