House property - co-owner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2013
If a person owns a residential property and subsequently he becomes the co-owner of another residential property then whether any notional income is taxable in the hands of such person? what tax benefits are available to such person(co-owner)if joint home loan is availed by all co-owners.
22 February 2013
The co-owner is treated as the owner of the property in respect to his share in the property. He can avail benefit U/s 24(b) for interest and U/s 80C for loan repayment.
.
However, Proportionate Net Annual Value ( or Notional Income )will be considered in respect to his share and may be liable to tax.
.
However, Proportionate Net Annual Value ( or Notional Income )will be considered in respect to his share and may be liable to tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Journal entry of busniess expenses
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- RATE AND HSN CODE
- TDS AND ITR ISSUE
- GST Rate for Catering Services
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
