House property income - deemed to be let out property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2012
hello,
an assessee had let out his second property in the Fy 2010-11 for Rs. 5000 per month rent. In FY 2011-12, he has not let out the property, but was using it himself. The annual rateable value as per the municipal authorities' bill is Rs. 2500. THe assessee is planning to let out the property for Rs. 6000 per month from August 2012. For computing house property income for FY 2011-12, can the fair market rent be presumed by the tax officer to be around Rs. 5,000 per month in the current year as well and accordingly determine the annual value for deemed rental income?
an assessee had let out his second property in the Fy 2010-11 for Rs. 5000 per month rent. In FY 2011-12, he has not let out the property, but was using it himself. The annual rateable value as per the municipal authorities' bill is Rs. 2500. THe assessee is planning to let out the property for Rs. 6000 per month from August 2012. For computing house property income for FY 2011-12, can the fair market rent be presumed by the tax officer to be around Rs. 5,000 per month in the current year as well and accordingly determine the annual value for deemed rental income?
26 July 2012
Yes. The ITO may proceed with the fair rent value.
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