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Letout house property
In case of house property, rental income shall be taxable only under the head income from house property. This is applicable even in case of dealer in property (i.e. in business of letting out house property). Hence, the same cannot be taxed under PGBP.
Rental income from a property, being building or land appurtenant thereto, of which the taxpayer is the owner is charged to tax under the head “Income from house property”. To tax the rental income under the head “Income from house property”, the rented property should be building or land appurtenant thereto. Shop being a building, rental income will be charged to tax under the head “Income from house property”.
under section 24 of income tax act 1961, the standard deduction @ 30%
when the property is let out for the whole year then is like this
| Particulars | Amount |
| Gross annual value | XXXX |
| Less:- Municipal taxes paid during the year | XXXX |
| Net Annual Value (NAV) | XXXX |
| Less:- Deduction under section 24 | |
|
➣Deduction under section 24(a)) at 30% of NAV ➣Deduction under section 24(b)) on account of interest on borrowed capital |
(XXXX)
(XXXX) |
| Income from house property | XXXX |
there is so many cases in the income tax regarding the income from house property
t
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