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.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.