Applied direct tax

This query is : Resolved

rashmi (Querist)
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31 July 2011 please give me answer within two days or mail me answer at rashmi.kalindi@gmail.com

In the following cases state the head of income under which the receipt is to be
assessed and comment. (3)marks
(i) X let out his property to Y. Y sublets it. How is sub-letting receipt to be
assessed in the hands of Y.

(ii) Y has built a house on a leasehold land. He has let out the property and
claims income from house property under “Other sources” and deducted
expenses on repairs, security charges, and insurance and collection charges
in all amounting to 40% of receipts.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 July 2011
(i) Income from subletting house will be come under Income from other sources

(ii) in case the receipt is assessable as Income from House property since the ownership of land is not pre-requisite for assessment under this head, so 30% of net annual value allowed as deduction u/s.24(a)

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