The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Meaning of agricultural Income, Examples, Non Agricultural Income , Is Agricultural Income taxable? Case study, Examples of Agricultural Income and Non-Agricultural Income
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Meaning of agricultural Income, Examples, Non Agricultural Income , Is Agricultural Income taxable? Case study, Examples of Agricultural Income and Non-Agricultural Income
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Memorandum Of Association Constitution of Company.pptseri bangash
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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
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According to TechSci Research report, โIndia Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030โ, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. Youโll also learn
โข Four (4) workplace discipline methods you should consider
โข The best and most practical approach to implementing workplace discipline.
โข Three (3) key tips to maintain a disciplined workplace.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your companyโs legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, weโll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Improving profitability for small businessBen Wann
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In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
1. Income from House Property
Dr. P. Ravichandran
M.Com., M.B.A., M.A (Astrology)., M.Phil., Ph.D.,
D.C.P., D.L.L & A.L., P.G.D.C.A., P.G.D.P.M & I.R.,
S.B.K. College, Aruppukottai โ 626101.
๏ 9443424090 & 9080030090
๏ e-mail id.- prcapk@gmail.com
2. What is Income From House
Property?
๏The annual value of a property, consisting of
any buildings (or) lands appurtenant
thereto, of which the assessee is the
owner, is chargeable to tax under the head
โIncome from house propertyโ.
3. ๏Buildings (or) lands appurtenant theretoโฆ
๏ The term โbuildingโ includes residential
houses, bungalows, office buildings,
warehouses, docks, factory
buildings, music halls, lecture halls,
auditorium, cinema theatres etc.
๏ The appurtenant lands in respect of a
residential building may be in the
form of approach roads to and
from public streets.
4. What consist of House Property?
๏Property must be consist of any building (or)
land appurtenant thereto.
4
๏ผ
5. Computation of
Income from House Property
Gross Annual Value (GAV) XXXX
Less : Municipal Taxes paid by owner XXX
Net Annual Value (NAV) XXXX
Less : Deduction u/s 24
i) Standard Deduction
( 30 % of NAV) XXX
ii) Interest on Loan XXX XXX
Income from House Property XXXX
6. MUNICIPAL TAXES
๏ Municipal Taxes are levied by local authority.
๏ These taxes are to be deducted from the gross
annual value, if the following two conditions
are satisfied:
(a) Borne by the owner;
AND
(b) Taxes actually paid during the
relevant previous year.
7. Computation Expected Rent
Municipal Value
Fair Rental Value
WEH = ER
When there is no Standard Rent
Municipal Value
Fair Rental Value
WEH
Standard Rent
WEL = ER
When there is Standard Rent
8. Computation of GAV
When there is no Actual Rent ER = GAV
Actual Rent
Expected Rent
WEH โ Vacancy = GAV
When there is Actual Rent
๏ Actual Rent = Annual Rent โ Unrealised Rent
9. Deductions from Net Annual Value
Deductions u/s 24
Standard deduction u/s 24(i) Interest on Loan u/s 24(ii)
L/O House S/O House L/O House S/O House
30% of NAV NAV is Nil Actual
Interest paid
Loan
borrowed
Before 1-4-1999 On (or) After 1-4-1999
โน 30,000 โน 2,00,000
Note: If loan is borrowed
for house repairs,
renovation, renewal (or)
reconstruction โน 30,000.
10. Deductions from Net Annual Value
Deductions u/s 24
Standard
deduction
u/s 24(i)
Interest on
Loan
u/s 24(ii)
12. Self-Occupied House โ S/O/H
๏Any one House Property occupied by the
assessee for the purpose of his residence
is taken as S/O/H.
๏Annual value of S/O/H is Nil.
๏There is no Standard deduction for S/O/H
u/s 24 except interest on Housing Loan.
13. INTEREST ON LOAN [Sec.24(ii)]
Let-out House Self-occupied House
Loan borrowed
Before 1-4-1999 On (or) After 1-4-1999
` 30,000 ` 2,00,000
Actual Interest
Paid
Note: If loan is borrowed for house repairs,
renovation, renewal (or) reconstruction ` 30,000.
14. Pre-construction period interest
(PCPI)
๏Sum of interest paid prior to house construction
is called PCPI.
๏PCPI is deducted in five (5) equal installments
(1/5) in addition to the interest of the current
PY.
๏PCPI = Interest from the date of borrowing โ to till
the end of the previous year prior to the
previous year in which the house is completed.
๏Interest of the previous year in which construction
was completed will be deducted as normal
interest.
15. Computation of PCP
๏ Date of loan (DoL);
๏ Date of repayment (DoR);
๏ Date of completion (DoC).
DoL
DoR
DoC
whichever is
earlier
(OR)PCP =
16. Case DoL DoR DoC PCP
A 1-8-2010 15-7-2015 Novโ2015 1-8-2010 to 15-7-2015
B 1-8-2010 21-6-2016 Decโ2015 1-8-2010 to 31-3-2015
C 1-8-2010 20-6-2016 Febโ2015 1-8-2010 to 31-3-2014
๏ When DoR is earlier PCP =DoL DoR
๏ When DoC is earlier PCP = DoL
31st Marchimmediately preceding the DoC
17. Ownership of House Property
๏ It is only the owner (or deemed owner) of house
property who is liable to tax on income under this
head.
๏ Owner may be an individual, firm, company,
cooperative society or association of persons.
๏ The property may be let out to a third party either
for residential purposes (or) for business purposes.
๏ Annual value of property is assessed to tax in the
hands of the owner even if he is not in receipt of the
income.
18. Deemed owner โ Sec.27
Section 27 of the Income Tax Act provides that, in
certain circumstances, persons who are not legal
owners are to be treated as deemed owners of house
property for the purpose of tax liability under this
head.
The following persons though not the legal owners of
a property are deemed to owners for the purpose of
Sec. 22-27.
19. ๏ Section 27(i) โ 1. If an individual transfers a house
property to spouse (or) to a minor child (except a
married daughter) without any adequate
consideration, he is deemed as the owner of the
property for tax purposes.
๏ถ But if property is transferred to minor married daughter,
transferor shall not be deemed to be the owner.
๏ง However, if an individual transfers cash to spouse (or)
to a minor child, and the transferee acquires a house
property out of the gifted amount, the transferor
shall not be treated as the deemed owner of the
house property.
20. 2. Section 27(ii) โ Holder of Impartible Estate โ
Property not legally divisible. Individual
owner of all property is the deemed to be the
owner of such estate.
3. Section 27(iii) โ A member of a co-operative
society, company (or) association of persons,
to whom a property [(or) a part thereof] is
allotted (or) leased under a house building
scheme of the society, company (or)
association, is deemed to be the owner of
such property.
21. 4. Section 27(iiia) โ A person who has acquired a
property under a power of attorney transaction, by
satisfying the conditions of section 53A of the
Transfer of Property Act, that is under a written
agreement.
5. Section 27(iiib) โ A person who has acquired a right
in a building (under clause (f) of section 269UA), by
way of a lease for a term of not less than 12 years
(whether fixed originally (or) extended through a
provision in the agreement), is the deemed owner of
the property.
22. Property used for own business
(or) profession
๏ The owner of a house property is not liable to tax
under this head if the property is used by him
for his own business (or) profession.
๏ But the business (or) profession should be such
whose income is chargeable to tax.
Chargeability to tax does not mean that the
income is actually taxed. It is possible that in a
particular year the profits are not sufficient
enough to attract tax liability. What it means is
that the income from such business (or)
profession is not exempt from tax.
23. RENT
CASE-1 CASE-2
(If Rent is
separable)
Rent for
property
Rent for
services like
water, gas etc.
Income from
House
Property
Income from
Other Sources
Rent for
property
Hire charges of
machines etc.
belongs to the
owner
Income from
House
Property
Income from
Other Sources/
PGBP
RENT= Rent for the house + Rent for the facilities
provided with the house
In case-2, if rent is inseparable, entire amount shall be
taxable as โPGBPโ (or) โIncome from other sourcesโ.
COMPOSITE RENT
24. Exempted incomes from House property
๏ Farm house
๏ House property used for own business (or)
profession
๏ Self occupied house
๏ Palace of ex-rulers.
๏ Income from property owned by โ
๏ local authority,
๏ scientific research association,
๏ registered trade unions,
๏ charitable trusts,
๏ political parties,
๏ universities (or) other educational institutions,
๏ hospitals (or) medical institutions and games
associations.
25. Determination of Annual Value
๏ Computation of taxable income from
house property is based on the annual
value of building.
๏ As per Sec 23(1)(a) the annual value of any
property shall be the sum for which the
property might reasonably be expected to
be let from year to year.
26. Factors determining Annual Value
๏Expected rent (ER) / Notional rent โ reasonable rent
for which the property can be let-out.
๏Fair Rental Value (FRV) โ the rent which a
similar property will fetch at the same locality.
๏Standard rent (SR) โ the rent fixed by the Rent
Control Act. It is the maximum rent a owner
can claim from his tenant as rent.
๏Actual rent (AR) โ the rent for which a property has
been actually realized (or) collected by the
owner from the tenant for the let-out period.
๏Unrealized rent (URR) โ the rent which has not been
realized (or) collected by the owner from the
tenant for the let-out period.
27. Computation of house property
Annual Value
Let through
out the year
Let & vacant for
any part (or)
whole of the year
Let part of the
year & Self
occupied part year
Self occupied
(or) used for
own business
28. Exempted incomes from House property
๏ Farm house
๏ House property used for own business (or) profession
๏ Self occupied house
๏ Palace of ex-rulers.
๏ Income from property owned by โ
๏ local authority,
๏ scientific research association,
๏ registered trade unions,
๏ charitable trusts,
๏ political parties,
๏ universities (or) other educational institutions,
๏ hospitals (or) medical institutions and
games associations.
29. Net Annual Value [NAV]
Gross Annual Value XXXX
Less : Municipal Taxes paid by owner XXX
Net Annual Value XXXX
Less : Deduction u/s 24
i) Standard Deduction
( 30 % of NAV) XXX
ii) Interest on Loan XXX XXX
Income from House Property XXXX
30. Self Occupied Property โ SOP
๏Any one House Property occupied by the
assessee for the purpose of his residence
is taken as SOP.
๏Annual value of SOP is Nil.
๏There is no Standard deduction for SOP
u/s 24 except interest on Housing Loan.