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Questions and Answers
What is mandatory for the computation of income under the head 'Income from House property'?
What is mandatory for the computation of income under the head 'Income from House property'?
Under what circumstance is the annual value of a property not chargeable to tax under 'Income from House property'?
Under what circumstance is the annual value of a property not chargeable to tax under 'Income from House property'?
When is the annual value of a property not chargeable to tax under 'Income from House property'?
When is the annual value of a property not chargeable to tax under 'Income from House property'?
What type of property is chargeable to tax under the head 'Income from House property'?
What type of property is chargeable to tax under the head 'Income from House property'?
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What is essential for the property to be chargeable to tax under the head 'Income from House property'?
What is essential for the property to be chargeable to tax under the head 'Income from House property'?
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Study Notes
Income from House Property
- For the computation of income under this head, the following are mandatory: • Ownership of the property • The property should not be used for the purpose of business or profession • The property should be in the possession of the owner
Exemptions from Tax
- The annual value of a property is not chargeable to tax under 'Income from House Property' in the following circumstances: • The property is self-occupied • The property is vacant and the taxpayer is unable to rent it out • The property is newly constructed or acquired and is not yet ready for occupation
Chargeable Properties
- The following types of properties are chargeable to tax under the head 'Income from House Property': • House property • Building • Land appurtenant thereto
Essential Conditions
- For the property to be chargeable to tax under the head 'Income from House Property', it is essential that: • The property is owned by the taxpayer • The property is not used for the purpose of business or profession • The property is not self-occupied or vacant
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Description
Test your knowledge of the tax laws and practices related to income from house property with this quiz. Explore the chargeability of income under Section 22 and the determination of annual value as per Section 23. Sharpen your understanding of the computation process and enhance your expertise in this area of direct taxation.
