Ok sir, so the whole issue is of annual value.
If there is any property, its annual value will be taxed on
it.
But sir, we don't pay.
Brother, tell me, how will it be?
Go slowly on the list.
Ok sir.
You told me that annual value will be taxed.
Sir, tell me one more thing.
For example, I am a shopkeeper.
I have my own shop.
I do garments work.
I buy jeans and t-shirts.
I sell jeans and t-shirts.
I have my own shop.
You tell me, building, land, land, taxes will be taxed on
everything.
Offices, taxes will be taxed on everything.
Now, isn't the government's double double duplicity?
I ask, how?
Sir, I will tell you.
Now, I will sell my stuff, sell my garments.
With that, you will take income tax from me in business and
profession, which will be my profit.
Now, you will double my house property, my shop.
Will you take my tax on this too?
Sir, how does this work?
This is wrong, isn't it?
Sir, I will tell you all.
There is nothing like this.
The government also understands this.
That is why the government has given some exceptions.
By exceptions, I mean that in these cases, the income of
the house property will not be taxable.
What are those exceptions?
Those exceptions are what I was discussing.
For example, there are 5 offices of a person.
For example, do you know Mr.
Do you know him? I talk to him every day.
Do you get up every day?
Mr. Mukku, do you know Mr.
Mukesh Ambani?
For example, Mr. Mukesh Ambani has 3 offices.
One, for example, is in Mumbai.
Okay.
One office is in Mumbai.
The other one is in Delhi.
Okay.
The third one, suppose, is in Singapore.
The fourth one is in Kolkata.
If they want, they can open an office in every lane.
One, their Reliance Industries also runs.
So, will they pay tax on 5 things?
Or if they come to pay tax on every property, they will get
beaten up.
So, that is why the government said,
Brother, be careful.
If you are the owner of your own office,
from the office or from the shop, you do your business, you
do your business and profession with any property, provided
that property should be yours.
So, we will not pay tax on the annual value of that
property.
We also understand this much.
Because we will take tax from you in business and
profession.
Then we will not take it in the house property.
We will definitely beat you up.
We will not beat you up here, but we will beat you up there.
Do you understand what I am saying?
So, if you have 5 offices in Mukesh Ambani, and from there
you do your business, do your business and profession, then
on the annual value of those 5 offices, there will be no
tax in the house property.
The rest of the money that you will earn, it will be your
profit.
In that business and profession, they will pay their tax.
Let's go to the second exception.
There is another person.
Let me clear this first.
There is another person.
You must have heard the name of DLF.
Mr. Singh is there in DLF.
Have you heard the name DLF IPL?
DLF is the name of a company.
Its name is Delhi Lease and Financing.
What do you understand from lease?
Their job is to build houses, properties, offices.
After building that house, they pay the rent and eat the
rent.
You will be surprised to know that their rent for one day,
the rent of this DLF company for one day, can you guess how
much it will be?
Just for one day.
Between 1.5 to 2 crores.
Between 1.5 to 2 crores is their rent for one day.
Now think about this case.
What is their business?
Their business is that their business is to build houses on
rent.
So I will take tax from the businessmen.
Why should I take tax from the house property?
Do you understand the point?
I will take tax from the businessmen.
I will not get tax from the house property.
So there will never be tax from the house property on two
people.
First, you do your own business from your own shop or
office.
So there will be no income taxable in the house property.
Second, your job is to eat rent.
You made a property, put it on rent.
Rent is coming, you are living your life.
You have a business of rent.
So it will be taxable in the business.
It will not be taxable here, friends.
So these were its exceptions.
I will clear this.
And let's move towards our next topic.
Conditions for chargeability.
There are some conditions as to when your annual value will
be taxable in the house property.
Let's discuss the conditions.
The first condition is, what will come in the building?
Not just a residential building.
I will also consider a commercial building as a building.
I will also consider my office as a building.
I will also consider a plant and machinery.