Mohanty N (26 Points)
10 August 2016Dear Professional Collegues....
If one individual having two RESIDENTIAL house property one is self occuied and the other one is let out to a company on rent for guest house purpose by the company.....Will that be treated as COMMERCIAL Property in the hands of individual.
For both of the above house, all Municipal taxes and electricity bills are paid by individual as residential house property.
Please provide your valuable feed back......
Shivam gupta
(student)
(263 Points)
Replied 10 August 2016
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 10 August 2016
For ITR filing, treat it as house income and file in regular manner.
Mohanty N
(26 Points)
Replied 10 August 2016
The above let out property was constructed as residential house property for exemption under section 54F. Is there is any chances as per the above discussion if the same may considered as an COMMERCIAL property and chargeable to tax under capital gain!!!!!
Mohanty N
(26 Points)
Replied 10 August 2016
If the Individual let out his residential house property (as per municipal corporation record) to a company for guest house purpose....... Shall it be considered as a commecial property in the hands of individual?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 10 August 2016
"If the Individual let out his residential house property (as per municipal corporation record) to a company for guest house purpose......"
For the owner it remains as Residential property only. Company may utilize it as their emplyoees guest house, is not his concern. He himself is not running any guest house in the property.
All other answers sorted out as per residential unit.
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 10 August 2016
Please treat as ordinary income from house in ITR
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