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Income From House Property

If the building or part thereof is used by the owner himself for the purpose of his own business then there will be no income from house property in respect of such building, the profits of which are chargeable to income tax separately. While the owner of the property is liable to pay tax, ownership will also include deemed ownership. Whenever a person who owns a house property in one city is transferred to another city, it has been specifically provided that the annual value of such a property would be taken to nil subject to the following conditions :

• the assessee must be the owner of only one house property
• that house property he cannot occupy because of his employment, business etc. away from the place
• the property must not have been actually let or any benefit derived therefrom
• no other deduction will be available to the assessee.