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.NO PARTICULARS AMT STEPS
A Municipal Value xx STEP 1
B Fair Rent xx
C Higher of Municipal Value or Fair Rent xx
D Standard Rent xx
E Expected Rent (Lower of C or D) xx
F Actual Rent xx STEP 2
G GAV  xx
(Normally Higher of Expected or Actual Rent)
  Less xx STEP 3
H Municipal Taxes Paid xx
I Unearned Rent xx
J NAV xx
  Less xx  
  Deductions from House Property   STEP 4
K Standard Deduction xx
L Interst on Housing Loan xx
M Income from House Property xx

 

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

Lets study these step by step

  1. Income Tax
  2. Income From House Property
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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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