House property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 May 2012
Dear Sir,
I am having a house in Mumbai in which I am a co owner and I have first name in it. Another house I have purchased in Thane where I am a sole owner. The House at Thane will be used for permanent dwelling by my relative and I will not be taking any rent from him.
Since, there are two houses, one I have to declare as Deemed to be let out property and have to pay tax.
Sir, please advise can I structure the transaction in some other way to avoid DLOP liability.
I am having a house in Mumbai in which I am a co owner and I have first name in it. Another house I have purchased in Thane where I am a sole owner. The House at Thane will be used for permanent dwelling by my relative and I will not be taking any rent from him.
Since, there are two houses, one I have to declare as Deemed to be let out property and have to pay tax.
Sir, please advise can I structure the transaction in some other way to avoid DLOP liability.
08 May 2012
For choosing the property for DLOP liability one has to compare the gross annual value (Muncipal value). The property which has higher gross annual value shall be declared as self occupied and the other one as deemed to be let out
For choosing the property for DLOP liability one has to compare the gross annual value (Muncipal value). The property which has higher gross annual value shall be declared as self occupied and the other one as deemed to be let out
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