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

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