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House Property Income

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Accurate Returns. Complete Peace of mind.

Do you own an extra house, shop, office or factory space

If you let out a flat or building, not being an open space for rent and you are the legal owner of the property, your income would be taxed as, "Income from House Property". Salaried individuals with or without such income and individuals, small firms or families with multiple Form 16s need meticulous computations and documentation. If you are such a person, then this scheme is the right fit for you.

Plan Description

A salaried individual may earn additional income by letting out a house or other immovable property. Examples of immovable property include a plot of land or a building or an estate.

Incomes of indivisible estates of a Hindu Joint Family can also have their taxes and income tax returns determined here.

Agricultural income is not an income considered under the head “Income from House Property”.

Those with interest income earned from any bank account or other deposits that exceed Rupees 10,000 in a year may also subscribe to this plan.

Who is this Plan for?

  • Individuals with one or more house properties.
  • Salaried individuals who additionally earn income by letting out a house or property.
  • Commercial units or families who require filing multiple Form 16s.
  • Individuals with income from interest earned on Fixed or Recurring Deposits exceeding Rupees 10,000 regardless of whether you’ve filed Form 15G or Form 15H.

What Do I Get?

  • Call-back from a tax expert and advice on documents to be submitted.
  • Tax scrutiny and double checking for discrepancies in figures.
  • Validation by a professional CA.
  • Identification and Computation of tax liability.
  • Preparation of summary sheet.
  • E-filing of income tax return.

Why Choose Us?

  • You get the benefits of comparative advantage obtained through specialization.
  • Obtain top-of-the-line tech-enabled tax preparation services from one of the leading government certified e-return intermediaries in the country.
  • Unmatched affordability across the industry.
  • Highly experienced tax experts dedicated to your success.

How to Proceed?

  • Sign up with us or call our Toll-Free number. We’ll create a record of your tax implications.
  • Buy one of our subscriptions based on your tax profile.
  • Receive a call back from the CA assigned to you.
  • Depending on your completed profile you would be asked to submit documents to enable the CA to process your returns, apply deductions, income tax slabs, and tax exemptions or e-file form 10E.
  • The tax expert prepares your return, verifies it with you and submits it to the tax department.


What is a “House Property”?

A House property is any building or land next to it of which the taxpayer is the owner. The adjacent lands may be in the form of a courtyard or compound forming part of the building but should not be an open plot of land. Open plots are charged under the head, “Income from Other sources‟ or “Business Income‟. Further, house property includes flats, shops, office space, factory sheds, agricultural land and farm houses, residential houses, godowns, a cinema building, workshop building, hotel building and so on.

When is a House Property taxed?

The following three conditions must be satisfied before the income from a property can be taxed under the head “Income from House Property”:

  • The property must consist of buildings and lands adjacent to it.
  • The taxpayer must be the owner of this house property.
  • The property may be used for any purpose, but not business or profession, the profits of which are chargeable to tax. If the property is used for the proprietor’s own business or profession, it shall not be chargeable to tax under this head.

Ownership includes both free-hold and lease-hold rights and also includes deemed ownership.

What deductions are available for Income from House Property?

Tax saving deductions are outlined in Section 24 of the Income Tax Act, 1961. One is standard deduction, which is applicable to all forms of income. The rate of standard deduction is 30% for AY 2018-19.

You can also deduct the cost of purchase, construction, repair, renewal or reconstruction including the interest on borrowed money used for this purpose.

How is Income from House Property taxed?

Income from house property is taxable on the basis of annual value. Even if the property is not let out, notional rent receivable is taxable as its annual value. As per Sec. 23(1)(a) the annual value of a property shall be the amount for which the property might reasonably be expected to be let out every year. In determining the annual value there are four factors which are normally taken into consideration. These are:

  1. Actual rent received or receivable,
  2. Municipal value,
  3. Fair rent of the property,
  4. Standard rent.

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:1800 419 9661