CHARGING SECTION OF HOUSE PROPERTY - SECTION 22
The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner , other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head “Income from house property”.
Essential conditions for taxing income under this head :-
The following three conditional must be satisfied before the income of the property can be taxed under the head "Income from House Property":
The property must consist of buildings and lands appurtenant thereto,
The assessee must be the owner of such house property,
The property may be used for any purpose, but it should not be used by the owner for the purpose of any business or profession
carried on him, the profit of which are chargeable to tax
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