INCOME FROM HOUSE PROPERTY (PART-1) || MINISTERIAL STAFF EXAMINATION || INCOME TAX DEPARTMENT

Income Tax, Income Tax from House Property in Income Tax Act 1961 all concepts, Problems, and examples for ca, cs, cma, bcom, mcom, ssc cgl, ssc je, UGC-net, mba and other commerce courses, ministerial staff examination for income tax department Topic Covered: ◍ Basics of House Property a. Self-Occupied House Property b. Let Out House Property ◍ Steps to Calculate Income from House Property a. Determine Gross Annual Value (GAV) of the property b. Less Property Tax / Municipal Tax c. Determine Net Annual Value(NAV) d. Reduce 30% of NAV towards standard deduction e. Reduce home loan interest f. Determine Income from house property