Amended and updated notes on section 22 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to income from house property.
Chapter IV (Sections 14 to 59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 22 of IT Act 1961-2023 provides for income from house property.
Recently, we have discussed in detail section 17 (“Salary”, “perquisite” and “profits in lieu of salary” defined) of IT Act 1961. Today, we learn the provisions of section 22 of Income-tax Act 1961. The amended provision of section 22 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 22 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-22: Income from house property
The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head “Income from house property“.