What Are The Incomes exempted from tax on House Property in India?

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asked Apr 27, 2015 in Tax and Taxation by Subramanyam Swamy
What Are The Incomes exempted from tax on House Property in India? Please provide the list of complete exemptions as per Income Tax Act or present rules.

1 Answer

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answered Apr 27, 2015 by Bharat Sinha Experts
Some incomes from house property are exempt from tax. They are neither taxable nor included in the total income of the assessee for the rate purposes. These are:

1. Income from a farm house [Section 2(1A)(c) and Section 10(1)]
2. Annual value of one palace in the occupation of an ex-ruler [Section 10(19A)]
3. Property income of a local authority [Section 10(20)]
4. Property income of an approved scientific research association [Section 10(21)]
5. Property income of an educational institution and hospital [Section 10(23C)]
6. Property income of a registered trade union [Section 10(24)]
7. Income from property held for charitable purposes [Section 11]
8. Property income of a political party [Section 13A]
9. Income from property used for own business or profession [Section 22]
10. Annual value of one self-occupied property [Section 23(2)]
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