CHAPTER IV COMPUTATION OF TOTAL INCOME C.— Income from house property Clause 22 of Income Tax Bill 2025 : Deductions from income from house property   22(1) The income under the head “Income from house property” shall be computed after allowing the following deductions:–– (a) 30% of the annual value; (b) where the property has… Read More »

CLAUSES 25 of INCOME-TAX BILL 2025 Interpretation CHAPTER IV COMPUTATION OF TOTAL INCOME C.— Income from house property CLAUSES 25 of INCOME-TAX BILL 2025 Interpretation 25. For the purposes of sections 20 to 24, the “owner” in relation to a property shall include–– (a) an individual who transfers without adequate consideration, any property to the… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME CLAUSE 24 of THE INCOME-TAX BILL 2025, Property owned by co-owners (1) For property co-owned with definite and ascertainable share, the co-owners shall not be assessed as an association of persons and their income computed separately as per their respective share under this Chapter shall be included in their… Read More »

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… Read More »