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DR.

RAM MANOHAR LOHIYA NATIONAL LAW UNIVERSITY,


LUCKNOW
2017-18

Project Synopsis
Income From House Property

For continuous evaluation in the subject of-

Law of Taxation-I
Semester VI
[Academic Year 2017- 2018]

SUBMITTED TO: SUBMITTED BY:


Mr. Bhanu Pratap Singh Shobhit S Awasthi
Assistant Professor (Law) Sec-B, Roll No-130

Dr. RMLNLU Lucknow BA.LLB (Hons)

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Contents

ACKNOWLEDGEMENT .............................................................................................................. 3

Introduction ..................................................................................................................................... 4

Hypothesis....................................................................................................................................... 4

Research Methodology ................................................................................................................... 4

Scope of the Study .......................................................................................................................... 4

Aims and Objectives ....................................................................................................................... 5

Research Questions ......................................................................................................................... 5

Tentative Chapterization ................................................................................................................. 5

Resources ........................................................................................................................................ 5

Mode of Citation ............................................................................................................................. 5

Bibliogarphy ................................................................................................................................... 6

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ACKNOWLEDGEMENT

My Project in the subject of Law of Taxation-I on the topic Income From House Property has
been taking shape under the guidance of lot of people who are contributing in its compilation.

I would like to express my humble thanks to Mr. Bhanu Pratap Sir, my subject teacher, who has
allowed me to work on this challenging topic and also directing me for the betterment of this
research work.

I also extend my heartiest thanks to my seniors for their insights into the concerned project and
helping me with everything I asked them. The role of the Library Department is noteworthy. All
the staff members are helping me generously in getting the materials and information which I
need to complete the project.

Shobhit S Awasthi

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Introduction

Income from house property is one of the important heads of income under the Income Tax Act.
The tax payers can know about the exemptions and deductions available to them on repayment
of interest and principal of the loan obtained to purchase the house property, if that house
property is let out or self-occupied.

Generally your income from house property will presuppose that you have a house from which
you are deriving income in the form of rent. The scope of income from house property for the
purpose of the Income tax Act is, however, much wider. It is quite possible that the house
property in question is not giving you any rent as is the case when it remains vacant throughout
the year or you may be using it yourself for self-occupation. Yet, for the purpose of the Income-
tax Act, you will have income from house property. For what is taxed under this head is not the
actual rent but the inherent capacity of the property to earn income. This is technically known as
the annual value of the property.

Hypothesis

Income from residential property is presumed to be income from rent. But you will still be
considered to have income from the property, because what is taxed under Income Tax Act is not
the actual rent but the inherent capacity of the property to earn income.

Research Methodology

The researcher has adopted, Empirical Legal Research Method, Wherein researcher tries to
collect knowledge or information from first hand study or primary data related to his particular
matter or topic and after analysis and interpretation of those information S/he draws out the
conclusion of that research work.

Scope of the Study

The Project will be expanded so as to cover almost every aspect related to the project topic. After
the detailed study, if possible, Researcher will try to specifically point out the grey areas.

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Aims and Objectives

The objective of the project would be to contribute to the existing literature and finding answers
to the research questions.

Research Questions

1. What is the house property income?

2. What are the leading cases regarding the house property income?

3. How a person can exempt himself from paying tax if he generates his income from
income from house property?

Tentative Chapterization

Introduction
Income from house property
Determination of annual value.
Property incomes exempt from tax
Deduction from income from house property
Conclusion
Bibliography.

Resources

Primary resources such as statutes, case-laws and judgment will be referred to. Similarly,
secondary sources such as books, journal and online articles would also be referred to in the
course of research. The internet would be widely used for resource collection.

Mode of Citation

OSCOLA style of citation will be followed throughout the project.

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Bibliogarphy

Books Referred
Dr. Vinod K. Singhania and Dr.Monica Singhania , Students Guidelines To Income
Tax, 51 Edition 2014 15, Taxmann Publications (P.) Limited.
st

Chaturvedi & Pithisarias, Income Tax Law Extension Series, 2011 Edition, Volume 2,
LexisNexis Butterworths Wadhwa Nagpur.

IP Gupta International Law in Relation to Double Taxation of Income (With Particular


Reference to India), 2007, LexisNexis Butterworths, New Delhi, India.

Kanga, Palkhivala and Vyas, The Law and Practice of Income Tax, 9 Edition, 2004,
th

LexisNexis Butterworths Wadhwa, Nagpur, India.


R. Santhanam, Handbook on Double Taxation Avoidance Agreements & Tax Planning
for Collaborations, 2001, 5 Edition, Commercial Law Publishers, India.
th

Sampath Iyengars, Law Of Income Tax, 2005, 10 Edition, Bharat Law House Pvt.
th

Case Laws
baladin v. lakhan singh AIR 1927 All.214
Varo v/s collector of vishakapatnam AIR 1923 RAMG 65(2)
R.B.jodha mal kuthiala v.s C.I.T [1971] 82 ITR 570(sc)
Abdul Kareemia & Bros Vs CIT (ap) 145 itr 442
Asst. CIT Vs. T&R Welding Products (India) Ltd. [2010] 129 TTJ 250