House property income
This query is : Resolved
28 March 2011
Dear Experts,
I ve only 1 flat in my name. Which i ve given on rent in wef.1.12.10 & i m living in my papa's flat.
Whether this income will be taxable under IFHP?
Waitig for your reply..
Thanks in advance.
Regards,
Sushil.
I ve only 1 flat in my name. Which i ve given on rent in wef.1.12.10 & i m living in my papa's flat.
Whether this income will be taxable under IFHP?
Waitig for your reply..
Thanks in advance.
Regards,
Sushil.
CA Navin Jain
(Expert)
28 March 2011
yes, it will be taxable under the head of house property
CA. Lohith Jagadeesh
(Expert)
16 April 2011
Hi,
Rent relating to the Period 1/12/10 to 31/03/11 is taxable under the head
"Income from House Property"
However you should remember tht if the HP is let out for part of the year the entire year's Rent will be chargeble to tax. And yes offcourse you could claim Vacancy Period Rent Deduction if you satisfy the provisions of Sec 23(1)(C).
Thank you,
Regards
CA. Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Rent relating to the Period 1/12/10 to 31/03/11 is taxable under the head
"Income from House Property"
However you should remember tht if the HP is let out for part of the year the entire year's Rent will be chargeble to tax. And yes offcourse you could claim Vacancy Period Rent Deduction if you satisfy the provisions of Sec 23(1)(C).
Thank you,
Regards
CA. Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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