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  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Section 2 Income from House Property

Section II: Income from House Property

Determine what your income from house property is.

The owner of a house property is taxed under the head ‘Income from House Property’ in his income tax return. Income from a property which is used for carrying on business or profession is not taxed under this head.

Steps to calculate income from house property

  1. Gross Annual Value of the property

    The gross annual value of a self-occupied house is zero. It is the rent collected for a house on rent.

  2. Less: Property Tax

    Property tax, when paid, is allowed as a deduction.

  3. Net Annual Value

    Net Annual Value = Gross Annual Value – Property Tax

  4. Less: 30% standard deduction on NAV

    A standard 30% deduction on NAV is allowed as a deduction under Section 24 of the Income Tax Act. No other expenses such as painting and repairs can be claimed as tax relief beyond the 30% cap under this section.

  5. Less: Interest on home loan

    Deduction is allowed for Interest on home loan.

  6. Income from house property

    The resulting value is your income from house property. This is taxed at the slab rate applicable to you.

  7. Loss from house property

    Since the gross annual value of a self-occupied house is zero, claiming the deduction on home loan interest will result in a loss from house property. This loss can be adjusted against income from other heads.

Section II: Income from House Property



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