Computation of income from house property under Income Tax Law

This 7th edition of Computation of Income from House Property under Income Tax Law, authored by Ram Dutt Sharma, provides a comprehensive and practical guide to the taxation of income arising from house property under the Income Tax Act, 1961. Updated as amended by the Finance Act, 2022, it offers a detailed explanation of statutory provisions, computational methods, and compliance requirements for taxpayers, professionals, and students.

The book presents the subject in a structured and reader-friendly manner, combining legal provisions with practical illustrations, judicial precedents, and relevant CBDT clarifications. It serves as a reliable reference for understanding the nuances of determining annual value, allowable deductions, and taxability of various types of property income.

The content covers the complete scope of house property taxation, including:

• Scope and applicability of the head “Income from House Property”

• Determination of ownership and deemed ownership

• Computation of annual value – self-occupied, let-out, and deemed let-out properties

• Deductions allowable under Section 24(a) and 24(b)

• Tax implications of arrears of rent and unrealised rent recovery

• Treatment of co-ownership and multiple properties

• Set-off and carry forward of losses from house property

• Interaction of property income with other heads of income

• Relevant CBDT circulars, notifications, and judicial interpretations

• Practical computation examples for various scenarios

This edition is particularly suitable for:

• Chartered accountants, tax practitioners, and legal advisors dealing with property taxation

• Individual taxpayers and property owners seeking clarity on tax obligations

• Corporate finance teams managing real estate income and compliance

• Law and commerce students studying Indian direct tax laws

Whether used for compliance, advisory, or academic purposes, this updated edition serves as an authoritative, practical, and easy-to-use reference on the computation of income from house property under Indian tax law.