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.
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