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Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for acquiring, constructing,...

In the following cases the person is deemed to be owner of the property even if they are not the legal owners of the property:- 1) An individual who transfer...

Applicable for the financial year 2018-19 and 2019-20 Introduction Section 24b of income tax act allows deduction of interest on home loan from the taxable i...

Meaning of Co-owner – When the property is owned by two or more person, they are known as co-owners. Taxability If their respective shares are definite and a...

1) The property should be consisting of any building or land apparent thereto. Income from letting vacant land is chargeable to tax under “Income from Other ...

Case 1 – Computation of Income of a house property which is self occupied for residential purposes Case 2 – Computation of Income of a house property which c...

A) Fair Rent XXXB) Municipal Value XXXC) Higher of A or B XXXD) Standard Rent XXXE)  Expected Rent (Lower of C or D) XXXF) Actual Rent XXXG)  Gross Annual Va...

Any taxes levied by any local authority in respect of the house property is to be deducted from the gross annual value, if the following conditions are fulfi...

Section 23 – Income from house property is taxable on the basis of annual value. Even if the property is not let out during the year or let out only for a pa...