Exemptions under the Income from House Property
In this article we will discuss the cases wherein the income from house property is exempt.
- Section 10(1):
Income from any farm house that forms part of agricultural income is exempt.
- Section 10(19A):
The annual value of any one palace that is in the occupation of an ex-ruler is also not taxable as income from house property.
- Section 10(20):
Any Income from house property earned by a local authority is exempt.
- Section 10(21):
Income under the head house property of any approved scientific research association is again not liable for taxation.
- Section 10(23C):
Section 10(23C) talks about exemption related to universities, educational institutions, etc. Any property income earned by such universities, educational institutions, etc is exempt.
- Section 10(24):
Property income of any registered trade union is exempt.
- Section 11:
Income from house property held for charitable or religious purpose. It means the income of charitable trust that is exempt is not only business income but also House Property income.
- Section 13A:
Last in the list is property income of any political party.
I hope this article will be helpful to understand the exemptions and taxability of the income from house property.
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