Basis of Charge

For an Income to be assessed under this head following condition need to be fulfilled:

A.  The property should consist of any Buildings or any land attached to such building may be in the form of roads, garden, garage, cattle shed etc.

B.  The assessee should be owner / deemed owner of the property; wherein Deemed owner includes the following:

1. Transfer of Property by an Individual to his/ her Spouse/ Minor child without adequate monetary consideration.

2. Holder of an indivisible estate shall be the owner of properties in that estate.  

3. Property held by a member of Co-operative society/ Company/ Association of Persons.  

4. Person who has acquired a property under a Power of Attorney Transaction. 

5.  Person who has acquired a property under a Lease of 12 years or more, (excluding any rights by way of a lease from month to month or for a period not exceeding one year).  

C.  The Property is not used for his Business/ Profession the profits whereof are chargeable to Income Tax.