How to calculate income from house property for ITR1 – Economic Times

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  • Last Updated on 27 October, 2020

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Naveen Wadhwa, DGM, taxmann.com says, “One house property means that there should be only one house property registered under the name of individual whose income is chargeable to tax. Income tax laws define house property as any building and land appurtenant thereto of which an individual is owner.” 
 
The calculation of income from that house property and all tax-related deductions that you are eligible to claim depend on whether the house is self-occupied or let-out. However, one must remember that if the property is used for carrying out any business or profession then provisions of ‘Income from house property’ will not be applicable.

 

Read the full story here: Calculate income from house property, Taxmann 

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