House property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2014 U/S 27 Where a lessee is deemed to the owner of the property if lease period is 12 or more years
Q1: Then if the lessee actually paying rent to lessor then in hands of lessor in which head it shall be taxable? OR it shall be deemed to be a self occupied property for lessee?
Q2: & if lessee (Deemed Owner) sub-let such property to any other person, & he is receiving the rent, then in which head it shall be taxable?
Q3: Sec 27 is applicable for House property or any type of capital assets?

Amol S Joglekar

Amol S Joglekar (Expert)

08 November 2014 (iiib) a person who acquires any rights (excluding any rights by way of a lease from month to month or for a period not exceeding one year) in or with respect to any building or part thereof, by virtue of any such transaction as is referred to in clause (f) of section 269UA, shall be deemed to be the owner of that building or part thereof;]

What is the query?

The income is income from house property.

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2014 The Query is "Please explain taxability in the hands of original owner & Deemed owner.

Amol S Joglekar

Amol S Joglekar (Expert)

08 November 2014 The original owner gets the lease rent which is income from house property. If the deemed owner sub leases it and gets the lease rent, it will be regarded as income from house property in the hands of deemed owner.

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