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This query is : Resolved
SAHETA OCHANI
(Querist)
02 November 2012
1.A PERSON OWNS TWO FLATS IN A BULDING ADJACENT TO EACH OTHER.HE AND HIS WIFE SHARE THE OWNERSHIP OF BOTH FLATS IN THE RATIO OF 1:1 IN EACH FLAT i.e.50% IN EACH FLAT.
BOTH FLATS ARE SELF OCCUPIED.
Case 1 What is the tax implication if both flats are combined as one? Does it attract the deemed lop section?
Case 2 Tax implications on considering it as a joint flat?
Case 3 Tax implications on not considering it as a joint flat?
BOTH FLATS ARE SELF OCCUPIED.
Case 1 What is the tax implication if both flats are combined as one? Does it attract the deemed lop section?
Case 2 Tax implications on considering it as a joint flat?
Case 3 Tax implications on not considering it as a joint flat?
Soumitra Basu
(Expert)
04 November 2012
THE INCOME AND EXPENDITURE OF BOTH THE FLAT SHALL BE APPRRTIONED ON CO-OWNERSHIP BASIS.
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SAHETA OCHANI
(Querist)
05 November 2012
but the flat can be considered as one residential unit right?
Soumitra Basu
(Expert)
06 November 2012
PROVIDED BOTH FLAT ARE USED BY THE SAME FAMILY MEMBERS.
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SAHETA OCHANI
(Querist)
09 November 2012
the assessee lives in one flat..and his parents stay in the other flat..so they can be considered as the same family members right???
Soumitra Basu
(Expert)
10 November 2012
IN THIS FACTS YOU HAVE A ARGUABLE CASE BY SAYING THAT THE SECTION SPEAKS OF BUILDING AND NOT OF FLAT. SEVERAL FLATS CONSTITUTE A BUILDING.
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