Income From House Property Complete Chapter in Single Video | Income Tax Act 1961

Income Tax, Income Tax from House Property in Income Tax Act 1961 all concepts, Problems, and examples for ca, cs, cma, bcom, mcom, ssc cgl, ssc je, UGC-net, mba and other commerce courses

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Topic Covered:
◍ Basics of House Property
a. Self-Occupied House Property
b. Let Out House Property
c. Inherited Property
◍ Steps to Calculate Income from House Property
a. Determine Gross Annual Value (GAV) of the property
b. Less Property Tax / Municipal Tax
c. Determine Net Annual Value(NAV)
d. Reduce 30% of NAV towards standard deduction
e. Reduce home loan interest
f. Determine Income from house property
g. Loss from house property
◍ Tax Deduction on Home Loans
a. Tax Deduction on Home Loan Interest: Section 24
b. Tax Deduction on Principal Repayment
◍ Claiming Deduction on Home Loan
◍ Tax Benefits on Home Loans for Joint Owners
◍ HRA and Deduction on Home Loan

Topics Covered:-
00:00 Introduction
00:41 Income Under Head House Property Section 22
06:18 Special Points
23:55 Computation of Annual Value
46:46 Special points
59:06 Deduction U/S 24
01:20:28 Example-1 of Deemed to be let out
01:28:48 Example-2 Compute Income from House Property (self-occupied)
01:33:19 Example-3 Very Important Question
01:44:11 Example-4 Compute Income from House Property
01:47:18 Recovery of Un-realized Rent and Arrears of Rent
01:53:03 Deemed Ownership (section 27)
02:00:03 Joint ownership/co-ownership

House Property
Under the head ‘Income from House Property’ the charging section is section 22. U/S 22 the annual value of
any property consisting of any building or land appurtenant thereto of which the assessee is the owner is
chargeable to tax under the head ‘Income from house property’. Thus the following three points must be
considered for computing income under this head-
(a ) There must be a building or a land appurtenant thereto;
(b) The assessee must be the owner of such property. Here owner means the legal owner and not the beneficial owner;
(c ) the annual value of such property is taxable.

ANNUAL VALUE- Annual value means the sum for which the property might reasonably be let year after
year. So the focus of the law is on the earning capacity of the house and not the actual income only.To ascertain the annual value, the following four factors should be considered-
(a ) Rent received or receivable- It refers to the actual rent received or receivable for the year.
(b) Fair Rent-It means rent of similar type of property in the same locality.
(c ) Municipal Value- The value assessed by the Municipal Authority for the purpose of imposing municipal tax.
(d) Standard Rent- Rent fixed under the Rent Control Act.
Cases where income from house property is taxable under other heads of incomeUnder the following circumstances income earned from house property is not taxable under the head income
from house property but under other heads of income-
(1 ) Where the owner uses his own house property for the purpose of his business or profession, then income
from such house is taxable under the head ‘Profits and gains of business or Profession’ and not under the
head ‘income from house property’.
(2) Where a tenant keeps a sub-tenant in his/her rented premises then income from such sub-lease is taxable
under the head ‘income from other sources’ as the assessee is not the legal owner of the house.

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Видео Income From House Property Complete Chapter in Single Video | Income Tax Act 1961 канала Grooming Education Academy