Podcast
Questions and Answers
What is the basis of charge for income from house property?
What is the basis of charge for income from house property?
- Receipt of actual income
- Ownership of the property
- Inherent potential of house property to generate income (correct)
- Location of the property
Which types of properties are considered for taxation under the head 'house property'?
Which types of properties are considered for taxation under the head 'house property'?
- House and vacant land
- House and factory
- Mere fencing boundary of a property
- House, shops, and office (correct)
What kind of property is not sufficient for taxation under the head 'house property'?
What kind of property is not sufficient for taxation under the head 'house property'?
- Property with a small shed
- Vacant land without any building (correct)
- Property with a small fence
- Property with a small garden
Under which head would income derived from vacant land be taxed?
Under which head would income derived from vacant land be taxed?
Who must be the owner of the property for it to be taxed under the head 'house property'?
Who must be the owner of the property for it to be taxed under the head 'house property'?
What is the basis for charging income from house property to tax?
What is the basis for charging income from house property to tax?
What is the essential requirement for a property to be taxed under the head 'house property'?
What is the essential requirement for a property to be taxed under the head 'house property'?
What kinds of properties are considered for taxation under the head 'house property'?
What kinds of properties are considered for taxation under the head 'house property'?
Under which head would income derived from vacant land be taxed?
Under which head would income derived from vacant land be taxed?
Who must be the owner of the property for it to be taxed under the head 'house property'?
Who must be the owner of the property for it to be taxed under the head 'house property'?
What is the basis for charging income from house property to tax?
What is the basis for charging income from house property to tax?
Who must be the owner of the property for it to be taxed under the head 'house property'?
Who must be the owner of the property for it to be taxed under the head 'house property'?
What is the essential requirement for a property to be taxed under the head 'house property'?
What is the essential requirement for a property to be taxed under the head 'house property'?
Under which head would income derived from vacant land be taxed?
Under which head would income derived from vacant land be taxed?
What kind of property is not sufficient for taxation under the head 'house property'?
What kind of property is not sufficient for taxation under the head 'house property'?
Study Notes
Income from House Property
- The basis of charging income from house property to tax is the annual value of the property.
Properties Considered for Taxation
- The following types of properties are considered for taxation under the head 'house property':
- Buildings, including commercial and residential properties
- Land appurtenant to the building
- Farmhouses
- Guest houses
Properties Not Considered for Taxation
- The following types of properties are not sufficient for taxation under the head 'house property':
- Vacant land (income derived from vacant land is taxed under the head 'other sources')
Ownership Requirement
- The owner of the property must be the taxpayer for it to be taxed under the head 'house property'.
Essential Requirement
- The essential requirement for a property to be taxed under the head 'house property' is that it should be a building or a land appurtenant to a building.
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Description
Test your knowledge on the taxation of income under the head of house property for the year 2019-20. Learn about the chargeability of income from house property and its taxation on a notional basis.
