Q. Is income from Superstructure built on leased
land taxable as House Property Income?
A. Yes. As the assessee is the owner of the
superstructure the income from such property
is taxable as income from house property.
Q. Is the interest payable outside India allowed
as a deduction u/s 24(1) while computing
the income from house property?
A. No the interest paid or payable outside India is not deductible.
Q. Is land revenue paid to the State Government
in respect of property deductible u/s 24(1)?
A. Yes any sum paid on account of land revenue
or any other tax levied by State Government
in respect of the property whose income
is computed under the head income from house
property is deductible on payment basis.
Q. Is insurance premium paid to insure the
property allowable as a deduction?
A. Yes amount of any premium actually paid
to insure the property against the risk
of damage or destruction is allowed as deduction
u/s 24(1) in computing the income from house
property.
