What is the section for taxable income from house property?

Every property owner who rents out their home in return for money is considered to be making rental income. And the landlords who are making money through rental income must pay a certain percentage of their earnings towards tax.

According to the Income Tax Act of 1961, the rental income from a house or building is taxable under the head- Income from House and Property. However, if the property owner earns any income from renting out their vacant land or any other type of property, such income will be taxable under – Income from Other Sources.

Any sort of rental income from a house is taxed under the second head of the Income Tax Act, which is Income from House & Property. The tax on rental income is dealt with in sections 22 to 27. The details of these sections are outlined below.

Section 22: This section explains the taxable income from the house and property. There is a detailed explanation of the property’s annual value as well.
Section 23: This section highlights how to determine the annual value of the property.
Section 24: The deduction for income from a house and property is discussed in this section.
Section 25: This section talks about the expenses or aspects that are not eligible for deduction under the Income from House Property.
Section 25AA: This section deals with the unrealised rent that is received after 1st April 2001.
Section 25B: The receiving of rent arrears is discussed in this section.
Section 26: This section discusses the tax implications of a co-ownership property.
Section 27: This section discusses the income from the house with deemed ownership.

Comments

Wow! Eagerly waiting Hyderabad Regional Ring Road Project got approval: master plan, importance & updates 2021

REGIONAL RING ROAD TELANGANA 348 km proposed project for Telangana Regional Ring Road has brought a major infrastructure boost to Telangana, the Centre has cleared the proposal for construction of a 348-km Regional Ring Road (RRR) that would connect all the districts in the State with Hyderabad. A 348-kilometer Regional Ring Road (RRR)intended to decongest traffic in the city. 13000 crore RRR project Chief Minister K Chandrashekhar Rao proposed the mega project in 2017, and the State government sent necessary proposals to the Centre seeking permissions and funds to take up the project. The State government has agreed to bear 50 percent of the Rs 13,000-crore RRR project that would come up beyond the existing Outer Ring Road (ORR) . Connects major districts of Telangana with Hyderabad The RRR will be developed on par with international standards, connecting Sangareddy, Narsapur, Toopran, Gajwel, Jagdevpur, Bhongir, Choutuppal, Ibrahimpatnam

WHAT IS FTL LAND (FULL TANK LEVEL) IN TELANGANA?

FTL LAND (FULL TANK LEVEL) Full Tank Level Lake maps are being prepared to show Full Tank Level (FTL) boundaries, showing Lat-long coordinates and buffer zones all around the lakes, and subsequently superimposed with Revenue survey numbers of the relevant part of the village map. Restriction of building activities in the vicinity of water bodies. The Hyderabad Metropolitan Development Authority is constituted under the provisions of HMDA Act, 2008 for the purpose of planning, coordination , supervisi ng, promoting, and securing the planned development of the Hyderabad Metropolitan Region. The Hyderabad Metropolitan Region has a large number of lakes and water bodies that are of critical importance to the Hyderabad Metropolitan Region for many reasons, including some as mentioned below: • Recharging of groundwate r to meet various uses. • To se rve as lung spaces for the large urban population. • For maintaining ecological balanc

“Why Is Undivided Share Of Land Is Important In Apartment”

‘Undivided Share of Land’ (UDS) in the apartment: most important awareness in any real estate purchase in an apartment. Most important awareness in any real estate purchase in an apartment . Buyers often decide their property purchase based on the factors like built-up area offered and the additional amenities attached to the flat. But most important awareness in any real estate purchase in an apartment which is the actual land that one will own is often overlooked. This is more so in the case of the apartments. When an apartment is purchased a certain value of the land will also be allocated in the name of the buyer. This portion is called UNDIVIDED SHARE OF LAND (UDS). It is a part of the plot given to the owner of the flat in an apartment complex on which the entire structure is built. This share of land has no defined boundaries and each and every flat built on that particular plot will have associated UDS. Significance of UDS 1. The building itself isn’t of much importa

Fine properties 360

Search This Blog