House property income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 March 2012
My grandfather has purchased 2 properties in February 2012, with his 2 daughter-in-law's being co-owner in each property with 50% share (purchase payment being made totally by my grandfather). 1st property is self occupied by him (with his 1st son and his wife), and 2nd property is occupied by his 2nd son and his wife.
Can anyone answer the following queries:
1. Can the 2 son's wife (even though she is co-owner with 50% share) show this 2nd property as self - occupied in her return and thus her income from house property as NIL?
2. If not, will my grandfather need to show only expected rent of 2 months (i.e. Feb. and March 2012) in income from house property, in 2nd property, being deemed let out for 2 months, or expected rent of full year needs to be shown even though flat was purchased in February 2012?
Can anyone answer the following queries:
1. Can the 2 son's wife (even though she is co-owner with 50% share) show this 2nd property as self - occupied in her return and thus her income from house property as NIL?
2. If not, will my grandfather need to show only expected rent of 2 months (i.e. Feb. and March 2012) in income from house property, in 2nd property, being deemed let out for 2 months, or expected rent of full year needs to be shown even though flat was purchased in February 2012?
24 March 2012
i) Yes ,for 1/2 share only.
ii) Infructuous.
ii) Infructuous.
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