Tax treatment of arrears of rent.
What are the basic conditions as provided in section 22 of the Act to tax any income under the head “Income from house property”?
Charging section
Section 22 of the Act is the charging section for taxing any income under the head “Income from house property”. The charging section reads as follows :
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”.
