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Which Income from house property is exempted from Tax

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FOLLOWING INCOMES WHICH ARE NOT TO BE TAXED UNDER “INCOME FROM HOUSE PROPERTY” AND EXEMPT FROM INCOME TAX-


  1. Annual value of any one palace or a portion of a palace in the occupation of a former ruler shall be exempted under section 10(19A).
  2. Income from house property held by a local authority {Section 10 (20)}.
  3. Any income of Khadi and Village Industries Boards is exempt from tax under section 10(23BB).
  4. Income from house property held by a registered trade union {Section 10(24).
  5. Income from house property held for charitable purposes {Section 11} - Any Income from a house property held for charitable or religious purposes e.g. rent from shop owned by a temple is also exempt.
  6. One Self-occupied Property- In case assessee owns one residential house, the net annual value of the same shall be taken as nil but in case he owns more than one house, then only one of his choice but normally of higher value shall be treated as a self occupied one and other/others are treated as deemed to be let out.
  7. Income from house property held by an approved Scientific Research Association.
  8. Income from house property held by University, Educational Institutions and Hospitals running not for profit.
  9. Income from house property held by any political party {Section 13A}.
  10. Property income of a member of a Schedule Tribe.
  11. Annual Value of the House Property used for own business purpose - This is subjected to tax under “Income from Other Sources”.
  12. Income from vacant land - This will be treated under “Income from Other Sources”.
  13. Income from house property situated nearby agricultural land and used as a Store House, Dwelling House etc., by the cultivators- This will be treated under “Agricultural Income”.
  14. Income from any Farm House is “Agricultural income”.



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