02 January 2014
Respected Sir/Madam,
in income from house property,a tenant receiving income from sub-letting is not chargeable to tax under income from house property... however from the 12th year onwards he is treated as deemed owner of the property and charged under "income from house property"... from where did this "12th year" concept come from?? and if a person does 12 annual agreements of 11 months each... so can be chargeable under house property from 12th year onwards?? please reply...
03 January 2014
the 12th year concept comes from section 269UA(f). however it doesnt apply in cash of continuous lease being renewed by 11 month agreements (refer section 27(iiib).
CAclubindia
