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Section 3 Basics of house property taxes

Section III: Basics of house property taxes

What is a house property as per the Income Tax Act?

A house property could be your home, an office, a shop, a building or some land attached to the building say a parking lot. The Income Tax Act does not differentiate between a commercial and a residential property. All types of properties are taxed under the head ‘income from house property’ in the income tax return.

When a property is used for the purpose of business or profession or for carrying out freelancing work – it is taxed under the ‘income from business and profession’ head. Expenses on its repair and maintenance are allowed as business expenditure.

Who is an owner of a house property?

An owner for the purpose of income tax is its legal owner, someone who can exercise the rights of the owner in his own right and not on someone else’s behalf.

What does a let out house property mean?

A house property which is rented for the whole or a part of the year is considered a let out house property, according to the I-T Department.

Section III: Basics of house property taxes

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