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In income tax form what is meaning of income from house property?

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In income tax form what is meaning of income from house property? I have one house in which I live and one in my village.
asked 9 years ago in Monthly by Word Rookie (120 points)
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2 Answers

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this is notional rent on the property you own if it is let out.
answered 9 years ago by Word Rookie (140 points)
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Income from house property is the value a property is expected to fetch if it is let out. If you own two houses then the second is considered to be on rent for tax purposes and you will have to pay tax on notional rent. You can learn more about this at http://www.makemyreturns.com

answered 9 years ago by Word Rookie (140 points)

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