Section 27 of income tax act talks about deemed owner for the purpose of income from house property. Although you are not the owner of a building in real sense the rental income can be charged in your hand if its proved that you are the deemed owner of the building or land appurtenant there to. For income tax purpose a person in following cases will be treated as deemed … [Read more...] about Deemed Owner in the case of Income from House Property
Income From House Property
Section 24 – Deduction from income from house property
Under section 24, tax deduction from annual value of house property is available while calculating income from house property. Only two types of tax deductions are allowed under section 24 of income tax act; Standard Deduction Interest on borrowed capital The list presented in section 24 is an exhaustive list and no other deductions are allowed from “income from house … [Read more...] about Section 24 – Deduction from income from house property
Unrealised Rent in House Property Income
Unrealised rent is the portion of your house rent amount which is not realised from the tenant fro some reason. While deriving actual rent received or receivable for the purpose of calculating gross annual value, the unrealised rent has to be deducted from it. Unrelaised rent will be allowed to be excluded from the rent received only when following conditions are … [Read more...] about Unrealised Rent in House Property Income