CHAPTER IV
COMPUTATION OF TOTAL INCOME
CLAUSE 20 of INCOME-TAX BILL 2025. Income from house property
(1) The annual value of property consisting of any buildings or lands appurtenant thereto, owned by the assessee shall be chargeable to income-tax under the head “Income from house property”.
(2) The provisions of sub-section (1) shall not apply to such portions of the property, as occupied by the assessee for his business or profession, the profits of which are chargeable to income-tax.