10 Point Quick Revision of House Property - DT

1. Buildings under House Property means not just Residential houses, but also Godowns, Shops etc.

2. Composite Rent means, when the rent amount also includes other expenses like Power Backup, Security etc.

3. If Building and Other Assets are inseparable, rent income shall be treated as Income from Business. For Example, in a movie theatre, the Hall, Seats, Sound Systems all are inseparable.

4. When you deduct Municipal Taxes paid from Gross Annual Value, It becomes Net Annual Value.

5. Tax need not be paid on a house that is Self Occupied. This exemption is available only for one house.

6. If the tenant has died and no way the owner is going to receive the rent, situations like this can be treated as Unrealised Rent and will not be treated as HP Income.

7. Interest on Housing Loan can be deducted from HP Income, upto Rs.2 Lakhs

8. If one House Property is self occupied by Two Co-Owners, both can claim maximum deduction of Rs.2 Lakhs Each on Loan Interest.

9. If a person has taken a house on lease for more than 12 years, he will be treated as owner of the property.

10. If same house is used for both Business and Residence, it will be treated as Business Income only.
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