Income from the following house properties are exempted from tax:
1. Any one palace or part thereof of an ex-ruler, provided the same is not let out [Sec. 10(19A)].
Tax-point: If the ex-ruler has a house property and the part of which is self-occupied and remaining let out then only the self occupied part of the house property shall be exempted.
2. House property of a local authority [Sec. 10(20)].
3. House property of an approved scientific research association [Sec. 10(21)].
4. House property of an educational institution [Sec. 10(23C)].
5. House property of a hospital [Sec. 10(23C)].
6. House property of a person being resident of Ladakh [Sec. 10(26A)]
7. House property of a political party [Sec. 13A]
8. House property of a trade union [Sec. 10(24)]
9. A farm house [Sec. 10(1)]
10. House property held for charitable purpose [Sec. 11]
11. House property used for own business or profession [Sec. 22].
If you have any doubt or concern you can write us on [email protected] or contact us at 9780754114
Nice to go through the information about property tax.
I have a question:- If I have a house in which I am residing , should I pay property tax for that house used as residential accommodation for self?