House property income
This query is : Resolved
06 December 2011
Sir
I had given my flat on leave & license basis. From Dec 2010 to Nov 2011 i earned license fees @ Rs. 95000 per month.( on which i shall be paying income tax) Now it is going to lie vacant for atleast 12 months. For the period it is going to lie vacant do i have to pay any income tax even though i earn nothing? Or do i have to pay tax on income on rateable value of municipal corporation?
I had given my flat on leave & license basis. From Dec 2010 to Nov 2011 i earned license fees @ Rs. 95000 per month.( on which i shall be paying income tax) Now it is going to lie vacant for atleast 12 months. For the period it is going to lie vacant do i have to pay any income tax even though i earn nothing? Or do i have to pay tax on income on rateable value of municipal corporation?
06 December 2011
Yogesh bhai,
How you can say that it will lie vacant for at least 12 months ?
If you say like this, your intentions make the income taxable as you do not want to
let out. If you keep opened the door of your mind for letting out the property, this may reward you vacancy allowance for the period of vacancy and you have to pay no tax.
.
SO DO NOT SAY SUCH THINGS IN WORDS TO ANYBODY. WHAT YOU DESIRE .... TO EARN INCOME FROM RENT ...SO.. HOPE POSITIVELY.
BY DOING SO ...EITHER TENANT WILL COME OR IF HE DOES NOT COME, YOU CAN SAY THAT... I
WAS SUPPOSED TO GIVE THE PROPERTY ON RENT
BUT ... REMAINED VACANT.
IN SUCH SITUATION DEEMED INCOME IS NOT TAKEN.
How you can say that it will lie vacant for at least 12 months ?
If you say like this, your intentions make the income taxable as you do not want to
let out. If you keep opened the door of your mind for letting out the property, this may reward you vacancy allowance for the period of vacancy and you have to pay no tax.
.
SO DO NOT SAY SUCH THINGS IN WORDS TO ANYBODY. WHAT YOU DESIRE .... TO EARN INCOME FROM RENT ...SO.. HOPE POSITIVELY.
BY DOING SO ...EITHER TENANT WILL COME OR IF HE DOES NOT COME, YOU CAN SAY THAT... I
WAS SUPPOSED TO GIVE THE PROPERTY ON RENT
BUT ... REMAINED VACANT.
IN SUCH SITUATION DEEMED INCOME IS NOT TAKEN.
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
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Foreign lottery ticket bought online from India: legality, tax and consequences
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
