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188632 47222 House Property Taxation

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house property
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  I NCOME   FROM   HOUSE   PROPERTY   Course Material MBA II YR SEM -1  C HARGEABILITY    Any income from the house property & land apparent there to. However the dueling house adjacent to the firm will be exempted as the agricultural income.  Who is taxable-  Real owner  Deemed Owner  Transfer of House to spouse (except with an agreement to live appart)/ minor child except a married daughter without proper consideration- the transferor.  Holder of an Inpartiable Property of HUF- Karta will be Taxable  Members of Co-operative Society.  Tenant having tenancy right more than 12 years  C HARGEABILITY    Residential Property is not taxable. Only one property can be exempted in case of ownership of more than one Property.  Rent from vacant land and from hiring of building along with the machinery will be taxable under Other source.  The rent from business of renting of House property will be taxable under house Property.  House partly self occupied & partly rented needed to considered as separate premises.  House kept as mortgage in the money laundering business will also be taxable under H.P.  Residents having Income from Foreign Estates are taxable .  Non Residents having Income from Foreign Estates are taxable only when received in India.  Composite rent when not separable for benefits provided will be taxable under H.P. (Separable- facilities- Other Sources, house- H.P.)  PROPERTY INCOMES EXEMPT FROM TAX  Income from a farm house [section 2(1A) (c) and section 10(1)].  Property of an ex-ruler [section 10(19A)].  Property income of a local authority [section 10(20)].  Property income of an approved scientific research association [section 10(21)].  Property income of an educational institution and hospital [section 10(23C)].  Property income of a registered trade union [section 10(24)].  Income from property held for charitable purposes [section 11].  Property income of a political party [section 13A].   Income from property used for own business or profession [section 22].
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