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Am I liable to pay property tax on house that does not give income?
23-May-2023 (In Tax Law)
My house property does not generate any income. Am I still liable to pay house property tax with respect to that property?
Yes, even though you are not liable to pay tax on income from property you are still liable to pay house property tax for that property. Basis for taxation under the head house property is not the actual income generated by a property but its potential to generate income. Hence, it’s irrelevant whether that property generates any actual income or not. Suppose you own two properties and both of them are occupied by you and your family, then for the purpose of income tax only one of them will be exempted from taxation and fair rent value of the other will be considered your income from that property.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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