Namma family builder

The Income Tax Act divides the income received by an individual into various sections to simplify the tax calculation.

Income derived from a household property as rental income or through its transaction referred to as ‘income from the house property.

It should be an overhanging structure with occupancy capacity.

By definition by law, a ‘house property’ is any building or land owned by a taxpayer. Such buildings may used for commercial or residential purposes.

Income from house property includes Flats, shops, workplace areas, works sheds, business buildings, agricultural land, farmhouses, etc.

This is the value of your property dealer near valued by the municipal authorities in which they collect municipal taxes.

Before awarding municipal value, there are many factors that municipal officials need to consider.

Under the Rent Control Act, fixed rent is fixed and landlords cannot receive more rent than specified in the Rent Control Act.

This law ensures that landlords are paid fair rent, that tenants are not exploited, and that they are protected from eviction.

Gross periodic value (GAV) refers to the income that can be earned from the immovable property.

The GAV applies regardless of whether the property was released for commercial or residential purposes.

The Gross Annual Value (GAV) is used to calculate the tax or rent to be used on the property.