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ROLL NO: 1134
 What is house property?
House property as per the Income-tax Act, 1961 means any
building owned by assesse himself. House property includes flats,
shops, office space, factory sheds, commercial building,
agricultural land and farm houses etc.
Income from house property shall be taxable
under this head if following conditions are
a) The house property should consist of any
building or land appurtenant thereto;
b) The taxpayer should be the owner of the
c) The house property should not be used for
the purpose of business or profession carried on
by the taxpayer.
 Under the Income tax Act,1961.There are 2 type of house
1. Self-Occupied House that is used as a place of residence by
on individual and or his parent or children
2. Let out house Property house that is give on rent for whole
or part of the year
• Gross Annual Value (Rent or Nil in case of Self Occupied
• Less: Municipal Taxes Paid
• = Net Annual Value
• Less: Deductions under section 24
• Standard Deduction @ 30% of Net Annual Value
• Interest on Home Loan
• = Income or Loss from House Property
1. Farm House
2. Self Occupied House property
3. Property used from Charitable purpose
4. House property of registered Trade Union/ Local Authority