House property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2016 if an assessee is filling income tax return for the first time and he owns one shop in commercial complex which remain unoccupied during the financial year for which he is filling return.Is he require to disclose property in return or not?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 December 2016 If he is going to do business from the shop then disclose the shop in the balance sheet.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2016 thank you sir for reply,and what if that assessee opt for section 44AD and use ITR-4S?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 December 2016 In such a case no need to disclose the property.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2016 thank you sir for reply,but i am little bit confuse as there is theoritical concept of deemed let out suggest disclosure even it remain unoccupied whole year.so sir please guide me in this matter.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2016 Deemed let out is, in respect of two self occupied residential property, one will be treated as deemed let out.
In your case it is a commercial property no deemed let out provisions will be attracted.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2016 thank you very very much for your support,now sir please help me to solve my last doubt i.e. if shop is in name of an assessee and used by his son for son's own separate business then what will be tax consequence regarding that shop?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2016 Ask the son to pay rent for the shop to father.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2016 but sir practically son is not paying rent and so no income then what to do?how to disclose that property?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 December 2016 Get some rent for the property from your son and disclose the property rent in the return.

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Querist : Anonymous