B.—Income from house property
24. Income from house property.—(1) The income from letting of any house property owned by any person shall be computed under the head "Income from house property".
(2) The income from any house property shall be computed under this head notwithstanding that the letting, if any, of the property is in the nature of trade, commerce or business.
(3) The income from any house property owned by two or more persons having definite and ascertainable shares shall be computed separately for each such person in respect of his share.
(4) In a case where the shares of the owners of the house property referred to in sub-section (3) are not definite and ascertainable, such persons shall be assessed as an association of persons in respect of such property.
(5) The provisions of this section shall not apply,—
(a) to the house property, or any portion of the house property, which—
(i) is used by the person as a hospital, hotel, convention centre or cold storage ; and
(ii) forms part of Special Economic Zone,
the income from which is computed under the head "income from business" ;
(b) to a house property which is not ready for use during the financial year.
Part B of sub-chapter II relates to income from house property.
Clause 24 provides that the income from letting of any house property owned by any person shall be computed under the head "income from house property". The said clause further provides that the income from any house property shall be computed under this head notwithstanding that the letting, if any, of the property is in the nature of trade, commerce or business. Where the house property is owned by two or more persons having definite and ascertainable shares, the clause provides that the income from such house property shall be computed separately for each such person. Accordingly, in a case where the shares of the owners of such house property are not definite and ascertainable, such persons shall be assessed as an association of persons in respect of such property. The clause also provides that the above provisions shall not apply,—
(a) to the house property, or any portion of the house property which is used by the person as a hospital, hotel, special Economic Zone, convention centre or cold storage and the income from which is computed under the head "Income from business" ;
(b) to a house property which is not ready for use during the financial year.
For this purpose, "house property" and "owner" have been defined in clause 314.
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