" Income from House Property " in joint names of co-owners
This query is : Open
23 June 2024
An individual & his spouse purchased a flat in joint names while they were employed and were resident in India. Thereafter they both went abroad and become subsequently NRIs. But flat in India is still lying closed and is not rented out and is in self possession only and they are not earning any rent etc as it is not let out . There is no loan and no interest liability . Hence following queries:-
1. Are they still required to fill schedule of " Income from House property " in their respective ITRs when income of house property is NIL. OR they are really not required to fill schedule at all , as there is only one property and is in self possession only. ?
2 Are both of them required to show same flat in their individual returns ( as there is only one flat ). as the flat is in their joint names as " co-owners " ,??
3. Is it compulsory to fill schedule of " Income of house property " even if there is one property and that too in self possession and with "NIL" income therefrom.???
4 Will there be any issue foreseen when they will sell this flat some time in future but are not filling schedule of " Income from House Property" of present years when they are still owners.????
Pls guide on above four points assuming that there is no loan interest to be paid .
1. Are they still required to fill schedule of " Income from House property " in their respective ITRs when income of house property is NIL. OR they are really not required to fill schedule at all , as there is only one property and is in self possession only. ?
2 Are both of them required to show same flat in their individual returns ( as there is only one flat ). as the flat is in their joint names as " co-owners " ,??
3. Is it compulsory to fill schedule of " Income of house property " even if there is one property and that too in self possession and with "NIL" income therefrom.???
4 Will there be any issue foreseen when they will sell this flat some time in future but are not filling schedule of " Income from House Property" of present years when they are still owners.????
Pls guide on above four points assuming that there is no loan interest to be paid .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
