19.  Income from house property.-

(1)   The annual value of property shall be chargeable under the head "Income from house property".

(2)   For the purposes of sub-section (1),-

(a)    "house property" means any property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, but does not include any such property (or any portion thereof) which is occupied by the assessee for purposes of any business or profession carried on by him the profits whereof are chargeable to tax under this Ordinance; and

(b)    "annual value" of any property shall be deemed to be the sum for which the property might reasonably be expected to let from year to year;

       Provided that where the property is let on rent, the annual value shall not be less than the rent payable by the tenant.

(3)   Nothing contained in this section shall apply in the case of any such property which is in the occupation of the owner for purposes of his own residence.

Explanation:-- For the purpose of this section, any property, the owner of which is in receipt of any rent, whether in cash or otherwise, whether from employer or otherwise, shall not be taken to be in the occupation of such owner for the purpose of his own residence.