House Property

Tax Glossary Definition

House Property

House Property – House property refers to any property consisting of buildings or land used for residential or commercial purposes, on which income is earned. For income tax purposes, income from house property is assessed and taxed in the corresponding Assessment Year (AY) following the Financial Year (FY) in which it was earned. Income from house property typically includes: Rental income received from tenants Imputed income from self-occupied property in certain cases

Example: If a taxpayer earns rental income from a house during FY 2022–23 (1 April 2022 – 31 March 2023), it is assessed and taxed in AY 2023–24

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