Exemptions under the Income from House Property

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Exemptions under the Income from House Property

In this article we will discuss the cases wherein the income from house property is exempt.

  1. Section 10(1):

Income from any farm house that forms part of agricultural income is exempt.

  1. 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.

  1. Section 10(20):

Any Income from house property earned by a local authority is exempt.

  1. Section 10(21):

Income under the head house property of any approved scientific research association is again not liable for taxation.

  1. 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.

  1. Section 10(24):

Property income of any registered trade union is exempt.

  1. 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.

  1. 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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