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Unit 8: Income from House Property
Sukhpreet Kaur, Lovely Professional University

Unit 8: Income from House Property Notes

CONTENTS
Objectives
Introduction

8.1 Income from House Property: An Introduction
8.2 Applicability of Section 22
8.3 Computation of Income from Let Out House Property

8.4 Computation of Annual Value or Net Annual Value
8.5 Deductions under Section 24
8.6 Computation of Income from Self-occupied House Property
8.6.1 House which is Partly Self-occupied and Partly Let Out
8.7 Some Special Provisions

8.8 Summary
8.9 Keywords
8.10 Review Questions

8.11 Further Readings
Objectives

After studying this unit, you will be able to:
Define the concept of Income from House Property
Discuss the Applicability of Section 22

Describe the Computation of income from let out house property
Explain Computation of annual value or net annual value
Elucidate the Deductions under Section 24

Trace the Computation of income from Self-occupied house property
Identify Some special provisions in computation of Income from House property
Introduction

The provisions for computation of Income from house property are covered under sections
22 to 27. This unit deals with the provisions for computation of Income from house property.
Section 22 is the charging section that identifies the basis of charge wherein the annual value is
prescribed as the basis for computation of Income from House Property. Therefore, the process
of computation of “Income from House Property” starts with the determination of annual value
of the property. The concept of annual value and the method of determination are laid down
in section 23. The admissible deductions available from house property are mentioned in
section 24.

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