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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