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Income from house property: letting income is taxed under a dedicated head and apportioned among owners with exclusions. Income from letting of house property is to be computed under the head Income from House Property, applicable notwithstanding a business-like letting. Owners with definite shares are assessed separately for their share; where shares are not ascertainable the owners are assessed as an association of persons. Exclusions apply to parts used as hospital, hotel, convention centre or cold storage forming part of a Special Economic Zone to be taxed as business income, and to property not ready for use during the financial year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Income from house property: letting income is taxed under a dedicated head and apportioned among owners with exclusions.</h1> Income from letting of house property is to be computed under the head Income from House Property, applicable notwithstanding a business-like letting. Owners with definite shares are assessed separately for their share; where shares are not ascertainable the owners are assessed as an association of persons. Exclusions apply to parts used as hospital, hotel, convention centre or cold storage forming part of a Special Economic Zone to be taxed as business income, and to property not ready for use during the financial year.
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