FLAVOUR OF THE MONTHSmart investment tips to get your smart homeA dream home is what most of us desire. Before we plan to acquire this
property, you must understand that there are various aspects you must
look into before going in for this investment. Here are the factors that
you should be aware of before you make that significant decision.
House Property
Housing industry is a fast
growing sector with a rapid
growth of population. As there
is rising income level and
growth there is going to be
demand for house property.
As per the Income-tax Act,
1 961 house property is
referred to any building or land
ow n e d b y a s s e s s e
himself.House property
includes flats, commercial
building, farm houses,
shops,office space, factory
sheds and agricultural land,
etc.
House property has 3
categories namely self-
occupied, let out property and
deemed let out property. A
self-occupied house property
is occupied by the individual
who own that house. A let out
property is resource of
monetary value as the
property is utilized as rent and
there is income generated
from it. A deemed let out
property is an additional
property that is idle and is not a
source of residential or
commercial use.
House property income or say
rental income is taxable. Even
if house property is not
registered in the name of
taxpayer, rental income shall
be treated as his income
because he is enjoying the
ow n e r s h i p r i g h t v i z.
possession of such house
property.
These days approaching
house dealers is easy through
websites and apps of the real
estate companies. Individual
can compare and check the
prices and location as per their
preferences through websites.
One of the website you could
visit is the ICICI home search
website that offers you various
properties with its full details