House property
This query is : Resolved
09 June 2011
Sir,
A property of house along with vacant area is
partitioned in to 3 share equally, 1/3 portion will be the each share. They have let out the property on monthly rent basis
the rent is equally shared 33.33 % by each.
Assume monthly Rs.45000 as gross income. Each will get Rs.15000 as their share.On filing of income tax return how can we compute the standard rent, fare rent and municipal value.for the AY -2009-2010 .The total property value is Rs.50,00,000/- part of the portion is sold out in the middle of 2010 for the purpose of marriage of their family member.assume Rs.15,00,000/- From 2010 onwards the property value will be Rs.35,00,000/- they will get rent Rs.30,000/- now what will be the liability of a person who is aged 32[son]for the year 2010-2011 father & mother senior citizens.
A property of house along with vacant area is
partitioned in to 3 share equally, 1/3 portion will be the each share. They have let out the property on monthly rent basis
the rent is equally shared 33.33 % by each.
Assume monthly Rs.45000 as gross income. Each will get Rs.15000 as their share.On filing of income tax return how can we compute the standard rent, fare rent and municipal value.for the AY -2009-2010 .The total property value is Rs.50,00,000/- part of the portion is sold out in the middle of 2010 for the purpose of marriage of their family member.assume Rs.15,00,000/- From 2010 onwards the property value will be Rs.35,00,000/- they will get rent Rs.30,000/- now what will be the liability of a person who is aged 32[son]for the year 2010-2011 father & mother senior citizens.
10 June 2011
As per the Income from House Property, any property which has been given on rent with vacant land should be chargeable to tax under the head income from house property.
Is the partition of land and building between them registered? If it is not registered, the whole income which was arriving from the property will be taxed in the hands of the person who is authorized to take charge of the family if it was an HUF. If the partition is registered, and it is not an HUF, then income partially (Rs 10000/-) will be separately chargeable individually with every person.
As far as Municipal Value, Fair Rent calculation, we need to calculate it to a total value for the land and building and we need to divide into three parts after considering the exact municipal value or fair value.
Please let us know if you have any doubts
Thanks,
CA M Sreenivasa Rao
R&S Associates
Is the partition of land and building between them registered? If it is not registered, the whole income which was arriving from the property will be taxed in the hands of the person who is authorized to take charge of the family if it was an HUF. If the partition is registered, and it is not an HUF, then income partially (Rs 10000/-) will be separately chargeable individually with every person.
As far as Municipal Value, Fair Rent calculation, we need to calculate it to a total value for the land and building and we need to divide into three parts after considering the exact municipal value or fair value.
Please let us know if you have any doubts
Thanks,
CA M Sreenivasa Rao
R&S Associates
10 June 2011
Thank you very much Sir
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