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.