top 5 smart things to know about income from house property

we all worry about the tax implications on house property, find below the five key points which is to be kept in mind while considering house tax or property tax.

NO.1.
Rent and other income from any flat , building and land comes under the head of "income from house property" and to be taxed but land which is unused and still for construction will not comes under this head

NO.2
The assessee must be the owner of such property and it must not be used for the purpose of business and profession carried by him

NO.3
Income chargeable is computed after standard deductions, 30% of annual net value of the property

NO.4
 The property which is used for self or is self occupied does not constitute any tax liabilty. so, the owner need not to worry for the same while filing the taxes.

NO.5
INCOME FORM HOUSE PROPERTY IS TAXABLE ON THE ANNUAL VALUE IF IT CROSSES THE STANDARD VALUE AND IS COMPUTED ON YEAR ON YEAR.


BY,
saket kumar singh (Founder)
Lakshya Wealth Services

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