28 July 2016
as per sec.27(iiib)
if a tenant occupied a house property more them 12 years with rights , then after 13th year the income derived from such property is taxable in the hands of real owner or Deemed owner (tenant)?
29 July 2016
27(iiib) is to be read in conjunction with 269UA(f) The income is taxed in the hands of the person who is earning it..... A mere stay in a property beyond 12 years does entitle the person staying in it to be the deemed owner....there has to be an agreement or contract between the owner and the one who stays in it.
CAclubindia
