The rent earned from a property by the owner of the property is considered as Income from Property. Income from property is a notional income as it based on the Annual concept, unlike other heads of Income. This is the value a property is expected to get when given on rent. It may be more than the actual rent being received if let out. If it is less than the expected rate, in that case, the annual value must be considered for taxation purpose. House Property is the building and the land surrounding it.
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