House property basis of charge

Feb 3rd, 2012
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Income is taxable under the head “Income from house property” if the following three conditions are satisfied: 1. The property should consist of any buildings or lands appurtenant thereto.

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PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13)HOUSE PROPERTY BASIS OF CHARGE [Section 22]: Income is taxable under the head "Income from house property" if the following three conditions are satisfied: 1. The property should consist of any buildings or lands appurtenant thereto. Note: The term "property" is very wide, though under section 22 it is used for a limited purpose, viz., the property consisting of any buildings or lands appurtenant thereto. All other types of properties, are, thus, excluded from the scope of section 22. Rental income of a vacant plot (not appurtenant to building) is not chargeable to tax under the head "Income from house property", but is taxable either under the head "Profits and gains of business or profession" or under the head "Income from other sources", as the case may be. 2. The assessee should be owner of the property. Note: a. The word "owner" includes a legal owner as well as deemed owner. b. Annual value of property is assessed to tax under section 22 even if he is not in receipt of income. c. Income from subletting is not taxable under section 22 but taxable either under the head "Profits and gains of business or profession" or "Income from other sources" as the case may be. 3. The property should not be used by the owner for the purpose of business or profession carried on by him, the profits of which are chargeable to income-tax. DEEMED OWNER [Section 27]: Besides the legal owner, section 27 provides that the followin

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