Income From House Property Calculation For Ay 2019 20 Pdf
The income from house property is added to your gross total income only when it fulfills three basic conditions.
Income from house property calculation for ay 2019 20 pdf. Head income from house property. The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. Such income is taxable under the head income from other sources or profits and gains from business or profession as the case may be. Income tax department income from house property income tax department tax tools income from house property.
House i house ii gross annual value gav er is the gav of house property er higher of mv and fr but restricted to sr 90 000 1 60 000. Iv rental income from a shop rental income from a property being building or land. Besides the tax deductions under section 80c and 24b an individual can now claim up to rs 1 5 lakh under section 80ee from fy 2019 20 or ay 2020 21 onwards subject to below conditions. New section 80eea for fy 2019 20 or ay 2020 21.
You are the owner of that property. Computation of income from house property of ganesh for the a y 2017 18 let us first calculate the income from each house property assuming that they are deemed tobe let out. Property consist of any buildings and or land building can be residential house factory building shops offices etc. The home loan should have been sanctioned between 1st april 2019 to 31st march 2020.
Such income is taxable under the head income from other sources or profits and gains from business or profession as the case may be. Rental income from a shop rental.