Computation of Income from House Property Under Income Tax Law (As Amended by Finance Act, 2022)

............................................................................................
Description
'Income from house property' is one of the five heads of income chargeable to tax under the Income-tax Act, 1961 ('the Act'). Section 22 of the Act is the charging section and section 23 defines the 'annual value' of the house property which is charged to tax. Section 24 allows certain deductions out of the 'annual value' computed in accordance with the provisions of section 23. Section 25 deals with those amounts which are inadmissible. Sections 25A and 25AA deal with the tax treatment of 'unrealised rent' and section 25B deals with the 'arrears of rent received'. Section 26 refers to the property owned by co-owners and section 27 discusses the cases of 'deemed ownership' where the owner is not the actual owner of the property. From these provisions, important concepts of 'annual value', 'property consisting of building or land appurtenant thereto', ownership, unrealized rent and recovery thereof, self- occupied property in certain cases, etc., emerge. This book deals with the income charged under the head "Income from House Property". Any buildings or lands appurtenant thereto, of which the assessee is owner, is chargeable to tax under the head "Income from House Property". The scope of income charged under this head is defined by section 22 of the Income Tax Act and the computation of income falling under this head is governed by sections 23 to 27. Tax levied under section 22 is tax on annual value of house property and it is not a tax on house property. "Income from House Property" is the only head under the Act which is charged on "Notional basis" instead of real income.
............................................................................................

Contents
Chapter 1.    Introduction
Chapter 2.    Exempted Income From House Property
Chapter 3.    Conditions for Taxing Income Under The Head "Income From House Property"
Chapter 4.    Chargeability of Income Under The Head " House Property"
Chapter 5.    Annual Value of the Property how Determined
Chapter 6.    Taxability of Self-occupied/Let out Property
Chapter 7.    House property Let out Throughout the year
Chapter 8.    Annual Value of any Property shall be the sum for which the property might reasonably be
                         expected to be let from year to year
Chapter 9.    Where any Property or any part of the Property is let and the actual Rent received or
                         receivable by the owner is respect thereof is in excess of the sum referred to in clause (a),
                         the amount so received or receivable
Chapter 10.  Where any Property or any part of the Property is let and was Vacant during the Whole or
                         any part of the previous year
Chapter 11.  Deduction For Taxes levied by local authority ( Municipal Tax) 
Chapter 12.  One house which is Self-occupied or Unoccupied
Chapter 13.  Self-occupied Property
Chapter 14.  Unoccupied Property
Chapter 15.  Partly Self-occupied and partly let-out 
Chapter 16.  Deemed to be let-out house Property
Chapter 17.  House Property held as stock-in-trade
Chapter 18.  Deductions from income from house property
Chapter 19.  Deductions from income from house property - Interest on Borrowed Capital
Chapter 20.  Interest paid or payable for Pre-Construction period
Chapter 21.  One time Deduction for Interest paid on home loan for the first time house buyers
Chapter 22.  Deduction for additional Interest of Rs. 150000 on loan on affordable house property
Chapter 23.  Amounts not deductible from income from house property
Chapter 24.  Tax treatment of arrears of rent and unrealised rent 
Chapter 25.   Property owned by co-owner
Chapter 26.   Deemed owners of the house property
Chapter 27.   Taxation of income arising from impartible estates
Chapter 28.   property held by the members of Co-operative, Society Companies, AOPs under
                          House Building Scheme etc.
Chapter 29.  A person acquiring property under section 53 A of the Transfer of Property Act, 1882,
                         Person in Possession of a Property
Chapter 30.  Person having right in a property for a period not less than 12 years
Chapter 31.  Treatment of composite rent
Chapter 32.   House Property Income of Partnership firm
Chapter 33.   Income from House Property Situated Outside India
Chapter 34.   House Property Income of NRI's in India
Chapter 35.   Set Off and Carry Forward of Loss
Chapter 36.   Tax Deduction  at Source from Rent
Chapter 37.   Computation of Taxable Income from House Property
Chapter 38.   Income held as Income from House Property
Chapter 39.   Rental Income chargeable as Income from business and not as Income from House Property
Chapter 40.   Income held as Income from Other Sources and not as Income from House Property
Chapter 41.   Selected Case-Law
............................................................................................
Author Details
Ram Dutt Sharma got his post-graduation (M.Sc.) from M.D. Jniversity, Rohtak in 1980. He joined the Income-tax Department in the ear 1983 and presently working as Income Tax Officer in Faridabad. He vorked at various stations of North-West Region of Income Tax Department. He has wide experience of all wings of Income Tax Department - such as assessment unit, Special Range, TDS Wing, Investigation Wing, intelligence and Criminal Investigation etc. He has been contributing  articles : and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations. He is the author of number of rooks on direct taxes, namely Computation of income from salary under Income tax law with tax planning, Computation of income from house property, Formation and Management of Charitable and Religious Trust, Educational and Medical Institutions under income-tax law, Taxation of on-Resident Indians under income-tax law etc. which have been highly appreciated by the readers.
............................................................................................