Income Under Head House Property Section 22 to Section 25

Income Under Head House Property Section 22 to Section 25

There must be Structure (either commercial or Residential) with or without roof, Assessee must be owner (either legal or deemed owner). It should not be use for business or profession.

Maximum situation that can be Tax here are

• House property let out through the previous year
• Self-occupied house / unoccupied house throughout the previous year.
• More than one self-occupied house.
• House property owned by two people
• House property let out one part of the year & Vacant other part of the year.
• House property one portion is let-out & another portion is self-occupied.
• House property part of the year self-occupied and another part is let out.

Maximum Deduction in relation of House property

                Standard deduction Section 24                 30% of NAV

                Interest benefit on House property          Rs. 2 Lakh

(Note: In case a house property if a property is owned by co-owner then all the benefit can be taken by two as a owner of complete property individually)