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House Property

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HOUSE PROPERTY Dr. NGPASC COIMBATORE | INDIA Dr. N.G.P. ARTS AND SCIENCE COLLEGE (An Autonomous Institution, Affiliated to Bharathiar University, Coimbatore) Approved by Government of Tamil Nadu and Accredited by NAAC with 'A' Grade (2nd Cycle) Dr. N.G.P.- Kalapatti Road, Coimbatore-641048, Tamil Nadu, India Web: www.drngpasc.ac.in | Email: info@drngpasc.ac.in | Phone: +91-422-2369100
Dr. NGPASC COIMBATORE | INDIA House Property Residential Houses, Bungalows, warehouses, building, godowns etc Assessee should be owner of the property Not for business or profession Annual Value Not for business or profession
Dr. NGPASC COIMBATORE | INDIA House Property Not treated as house property income Guest accommodation Composite letting Sub-letting income Letting out – Business or profession
Dr. NGPASC COIMBATORE | INDIA Exempted from House Property Agriculture HP Stock in trade Registered trade union Charitable Purposes Self Occupied but vacant Own business or profession Local authority, Scientific RI, Political party, university and hospital
Dr. NGPASC COIMBATORE | INDIA Different types of rental values Rental Actual Rent Real Rental Value Municipal Rental Value(MRV) Fair Rental Value (FRV) Standard Rent Expected Rental Value(ERV)
Dr. NGPASC COIMBATORE | INDIA Determination of Annual Value Let out House property Self-occupied House Property
Dr. NGPASC COIMBATORE | INDIA Annual Value of Let out House Property MRV xxx FRV xxx Whichever is Higher xxx Standard Rent xxx Whichever is less – ERV xxx Actual Rent xxx Whichever is Higher – ARV XXXX
Dr. NGPASC COIMBATORE | INDIA Vacancy and Unrealized rent MRV xxx FRV xxx Whichever is Higher xxx Standard Rent xxx Whichever is less – ERV xxx Actual Rent – Unrealized rent xxx Whichever is Higher – ARV XXXX Less: Vacancy xxx Annual Rental Value xxxx
Dr. NGPASC COIMBATORE | INDIA Annual value of Self-Occupied HP More than one Owned House One Owned House Independent Units Partly let-out partly self occupied Own Business or Profession
10

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House property

  • 1. HOUSE PROPERTY Dr. NGPASC COIMBATORE | INDIA Dr. N.G.P. ARTS AND SCIENCE COLLEGE (An Autonomous Institution, Affiliated to Bharathiar University, Coimbatore) Approved by Government of Tamil Nadu and Accredited by NAAC with 'A' Grade (2nd Cycle) Dr. N.G.P.- Kalapatti Road, Coimbatore-641048, Tamil Nadu, India Web: www.drngpasc.ac.in | Email: info@drngpasc.ac.in | Phone: +91-422-2369100
  • 2. Dr. NGPASC COIMBATORE | INDIA House Property Residential Houses, Bungalows, warehouses, building, godowns etc Assessee should be owner of the property Not for business or profession Annual Value Not for business or profession
  • 3. Dr. NGPASC COIMBATORE | INDIA House Property Not treated as house property income Guest accommodation Composite letting Sub-letting income Letting out – Business or profession
  • 4. Dr. NGPASC COIMBATORE | INDIA Exempted from House Property Agriculture HP Stock in trade Registered trade union Charitable Purposes Self Occupied but vacant Own business or profession Local authority, Scientific RI, Political party, university and hospital
  • 5. Dr. NGPASC COIMBATORE | INDIA Different types of rental values Rental Actual Rent Real Rental Value Municipal Rental Value(MRV) Fair Rental Value (FRV) Standard Rent Expected Rental Value(ERV)
  • 6. Dr. NGPASC COIMBATORE | INDIA Determination of Annual Value Let out House property Self-occupied House Property
  • 7. Dr. NGPASC COIMBATORE | INDIA Annual Value of Let out House Property MRV xxx FRV xxx Whichever is Higher xxx Standard Rent xxx Whichever is less – ERV xxx Actual Rent xxx Whichever is Higher – ARV XXXX
  • 8. Dr. NGPASC COIMBATORE | INDIA Vacancy and Unrealized rent MRV xxx FRV xxx Whichever is Higher xxx Standard Rent xxx Whichever is less – ERV xxx Actual Rent – Unrealized rent xxx Whichever is Higher – ARV XXXX Less: Vacancy xxx Annual Rental Value xxxx
  • 9. Dr. NGPASC COIMBATORE | INDIA Annual value of Self-Occupied HP More than one Owned House One Owned House Independent Units Partly let-out partly self occupied Own Business or Profession
  • 10. 10