How to compute income from self-occupied and let-out house property – Business Today

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  • Last Updated on 28 October, 2020

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August 8, 2019
 
Naveen Wadhwa, DGM & Dipen Mittal, Manager – R&D, Taxmann.com
 
 

An owner of a house property can use his property for any purpose. He may use it for his own residence or for residence of his family members. He may also use it for his business or profession or give it on rent. In all cases, the annual value of such property (except where house property is used for own business or profession) is chargeable to tax under the head house property.
Income tax
In order to compute the income chargeable to tax under the head house property, an assessee is allowed to deduct municipal taxes paid during the year from the annual value of a property to arrive at net annual value. From net annual value so computed, a standard deduction of a sum equal to 30 per cent of the net annual value is also allowed.

 

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