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Income Tax for House Property / Rental Income Interview Questions & Answers
If you own more than one property, then only one house of your choice will be considered as self-occupied and others will be considered as let out or Deemed to be let out. Tax will be applicable on the other houses/shops/office space etc. Income from House Property: Statutory Deduction @ 30% of NAV. From the Net Annual Value, the taxpayer is allowed a statutory deduction of 30% of the Net Annual Value. This deduction of 30% is a flat deduction and is allowed to everyone. Income from house property is one among the taxable heads of income as per the Income Tax act. It constitutes the income earned from a property by his/her owner. Property hereby refers to any building (house, office building, godown, factory, hall, shop, auditorium, etc.) and/or any land attached to the building (e.g. Compound, garage, garden, car parking space, playground, gymkhana, etc.). This is the only head of income, which taxes notional income (except under some circumstances under capital gains, inc

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Question	Rating	View Answer
How to Compute Income from Self Occupied Property?		View Answer
Whether rental income could be charged to tax in the hands of a person who is not a registered owner of the property?		View Answer
My two properties are not rented. Can I claim them all as Self Occupied Properties?		View Answer
Is rental income from sub-letting chargeable to tax under the head ?Income from house property??		View Answer
My spouse and I jointly own a house in which both of us have invested equally out of independent sources. Can the rental income received be split up between us and taxed in the individual hands?		View Answer
How to compute gross annual value of a Property which is let-out throughout the year?		View Answer
While computing income chargeable to tax under the head "Income from House Property" in the case of a let-out Property, what are the expenses to be deducted from Gross Annual Value?		View Answer
What is the tax of treatment of unrealised rent which is subsequently realised?		View Answer
While computing income chargeable to tax under the head "Income from House Property" in the case of a let-out property, how much interest on housing loan can be claimed as deduction?		View Answer
How to compute income from a property which is let out throughout the year?		View Answer
How to compute the Gross Annual Value in the case of a property which is vacant for some time during the year?		View Answer
What is the Tax Treatment of Composite Rent when the composite rent pertains to letting of building along with other assets?		View Answer
Can interest paid on loans taken from friends and relatives be claimed as deduction while calculating house property income?		View Answer
What will be the tax implications if a person occupies more than one property for his residence? Can he treat all the properties as self occupied (SOP) and claim gross annual value (GAV) as Nil?		View Answer
What is Pre-construction Period?		View Answer
I have 5 separate let out properties. Should I calculate the house property income separately for each individual property or by clubbing all the rental receipts in one calculation?		View Answer
Under which head is the rental income from a shop charged to tax?		View Answer
How to compute reasonable expected rent while computing gross annual value of a property which is let-out throughout the year?		View Answer
How to compute actual rent while computing gross annual value of a property which is let-out throughout the year?		View Answer
Can a property not used for residence by the taxpayer be treated as Self Occupied Property?		View Answer