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Income from House Property

As the name suggest,it is the income earned from the building or land attached to building

It is chargeable to the owner of the property

 

Income from House Property Meaning and Different Steps - Income From House Property (IHP)

 

 STEPS TO COMPUTE iNCOME FROM HOUSE PROPERTY

 

S.NOPARTICULARSAMTSTEPS
AMunicipal ValuexxSTEP 1
BFair Rentxx
CHigher of Municipal Value or Fair Rentxx
DStandard Rentxx
EExpected Rent (Lower of C or D)xx
FActual RentxxSTEP 2
GGAV xx
(Normally Higher of Expected or Actual Rent)
 LessxxSTEP 3
HMunicipal Taxes Paidxx
IUnearned Rentxx
JNAVxx
 Lessxx 
 Deductions from House Property STEP 4
KStandard Deductionxx
LInterst on Housing Loanxx
MIncome from House Propertyxx

 

  Hence ,it involves a number of steps which  need to be remembered

Lets study these step by step

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com.
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