House property income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2015 I have an house in Virar with the Name of Myself and My wife. but i am taking an flat on Bandra on Rent due to personal problem and live in Bandra and claiming HRA ( House Rent Allowance) in my office. My Wife get Rental Income cheque of 50000/- per month (600000/ per annum) for the Virar house and we both doesnt have any house in India.
so My point is -
1. Income is taxable or not
2. If income is taxable then it is taxable in hands of Wife or Both in proportionately Amount.
3.May we treat Virar house self occupied in hands of my wife and treated this property Exempt.
4. There is any problem with HRA ?

Pls help me solve out this problem

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 July 2015 1 Income is taxable.
2 If you have funded the house the entire income is taxable in your hands.
3 If you are renting out then you can't declare it as self occupied.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2015 your mean is income is taxable in my hands not my wife hands.
if i am funding only my part of house then what is the tax treatment

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 July 2015 Yes, if it is entirely funded by you. If you have funded only part then such portion only will be taxed in your hands.

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