House property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2013 What are the tax consequences for non disclosure of additional HP in excess to a SOP HP? Also if a 2nd Hp has been disclosed in 1st AY and subsequently if an assessee opts to not disclose the HP for saving tax on rental income from HP what would be the implications.?
Your valuable suggestions are highly valued.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 July 2013 The highly valued suggestion is that which reduces the tax-burden of an honest tax-payer, increases the burden of a willingly tax-payer and manages the burden of a prudent tax-payer.
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The assessee should show the income when actually he is earning rental income as the department is expert enough to compile information in this regard.
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Taxation on HP rental income is the least as the assessee gets 30% standard deduction.
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If the assessee does not disclose the income he may have to suffer a tax-incidence of 30% + penalty.
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Choose one of the two 30s.
.

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