Taxation of Income From House Property
Taxation of income from House property comes Under the head “Income from house property,” any income earned by an individual from a house property that own by them charge to tax. This income includes the rent received from the property, and also any income earned from a property that is deemed to be let out, even if it does not actually rent out.
For more information to visit: https://www.incometax.gov.in
The income chargeable under this head calculate after deducting certain expenses related to the property, such as municipal taxes, repairs, and maintenance costs. The actual amount of deduction depends on the nature of expenses and the provisions of the Income Tax Act.
It is important to note that the property should qualify as a ‘house property’ under the Income Tax Act. For instance, any commercial property or vacant land does not fall under this category. Also, if the property use for self-occupation, then no income tax is payable under this head.
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