Income From House Property Calculation For Ay 2020 21 Pdf

Iv rental income from a shop rental income from a property being building or land.

Income from house property calculation for ay 2020 21 pdf. Important deductions available for assessment year 2020 21. Kumar did not pay rent for the month of march 2021. Income tax department income from house property income tax department tax tools income from house property. Kumar at a monthly rent of rs.

Rental income received by a tenant from sub letting cannot be charged to tax under the head income from house property. Hra should be received from the employer and employees should be. Throughout the year 2020 21 the bungalow is rented to mr. What will be the amount of actual rent to be used to compute gross annual value.

You are the owner of that property. 2 lac u s 24 b under income from house property head house rent allowance. The income from house property is added to your gross total income only when it fulfills three basic conditions. Property consist of any buildings and or land building can be residential house factory building shops offices etc.

Due to internal dispute mr. Standard deductions flat deduction of rs 50k is available for a y 2020 2021 to every employee. 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.