Income Under House Property - Taxation Quiz
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Questions and Answers

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'?

  • 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'?

  • 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?

    <p>Income from other sources</p> Signup and view all the answers

    Who must be the owner of the property for it to be taxed under the head 'house property'?

    <p>The assessee</p> Signup and view all the answers

    What is the basis for charging income from house property to tax?

    <p>The basis for charging income from house property to tax is the inherent potential of the property to generate income.</p> Signup and view all the answers

    What is the essential requirement for a property to be taxed under the head 'house property'?

    <p>The property must consist of a building and lands appurtenant thereto in order to be taxed under the head 'house property'.</p> Signup and view all the answers

    What kinds of properties are considered for taxation under the head 'house property'?

    <p>Properties such as house, shops, factory, office, warehouse, and store are considered for taxation under the head 'house property'.</p> Signup and view all the answers

    Under which head would income derived from vacant land be taxed?

    <p>Income derived from vacant land would be taxed under the head 'income from other sources' or 'income from business' depending upon the facts of the case.</p> Signup and view all the answers

    Who must be the owner of the property for it to be taxed under the head 'house property'?

    <p>The assessee must be the owner of the property in order for it to be taxed under the head 'house property'.</p> Signup and view all the answers

    What is the basis for charging income from house property to tax?

    <p>The annual value of the property</p> Signup and view all the answers

    Who must be the owner of the property for it to be taxed under the head 'house property'?

    <p>The assessee</p> Signup and view all the answers

    What is the essential requirement for a property to be taxed under the head 'house property'?

    <p>It must consist of building and lands appurtenant thereto</p> Signup and view all the answers

    Under which head would income derived from vacant land be taxed?

    <p>Income from other sources or income from business</p> Signup and view all the answers

    What kind of property is not sufficient for taxation under the head 'house property'?

    <p>Mere fencing boundary of a property</p> Signup and view all the answers

    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.

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