What are different categories of House Property Income?
Income from House Property can be classified into two categories for Income Tax purpose:-
1.Self-Occupied:- In case the client owes only one House Property, then such House Property is termed as Self Occupied House Property.
2.Other than Self Occupied :- In case the client is owning more than one house Property then any rental income derived from such House Property/s is treated as taxable House property Income. In case any of such additional house property is not let out, even then client is required to compute fair rent of such House Property on the basis of market value of such House Property and offer such fair rent for Taxation.
categories of House Property Income, House Property Income, income taxHere we discribed about the different categories of House Property Income.
myITreturn.com is India's leading Tax and Compliance solutions provider. Our
solutions are used by over 3 million users and by ET & Fortune 500 companies.
Learn more about our products and services at the links given below: