For the purpose of calculating the taxable amount of house rent, we have to first derive the gross annual value of the property. Gross Annual value will be derived as follows; Derive the expected rent for your house property To derive the expected rent of your house property you need to follow the following steps; Calculate the Municipal and Fair Value of the … [Read more...] about Gross Annual Value of your House Property – Income Chargeable Under the head income from house property
House Property Income
Income from House Property – Tax Calculation for your house rent
Rent received as a legal owner from your owned building is taxable under the head “house property”. If you have a land which is attached or situated in the vicinity of your building then rent received from such land will also become part of the building rent and will be taxable along with your rent income. If you have a vacant land or a plot and you have received rent out of … [Read more...] about Income from House Property – Tax Calculation for your house rent