Income From House Property
This query is : Resolved
Chirag B Shah
(Querist)
09 December 2007
i own 2 properties one is a residential Property where i resides and another one is a commercial property which remains vaccant for last 10 yrs now my question is that can Assesing Officer can treat one of the property as a " Deemed to be let out " or not.
10 December 2007
where a property is kept vacant, there is no revenue generation from that property. therefore, the AO cannot treat the property as deemed let out, moreover, deemed let out is a concept by which, it is a property which u use for your own residence apart from the property already considered as self-occupied. refer sec.23 of Income tax Act.
10 December 2007
AS PER SEC 22 OF IT ACT, OWNER OF A PROPERTY ( CONSISTING OF ANY BUILDING OR LAND APPURTENANT ,THERE TO) IS TAXED ON THE INCOME IN THE FORM OF ANNUAL VALUE UNDER THE HEAD, INCOME FROM HOUSE PROPERTY.
RENTAL INCOME FROM VACANT LAND OR PLOT IS TAXABLE UNDER INCOME FROM OTHER SOURCES.
SO DEEMED LET OUT IS NOT APPLICABLE IN THIS CASE AS THE CONCEPT RELATES TO A HOUSE PROPERTY.
R.V.RAO
RENTAL INCOME FROM VACANT LAND OR PLOT IS TAXABLE UNDER INCOME FROM OTHER SOURCES.
SO DEEMED LET OUT IS NOT APPLICABLE IN THIS CASE AS THE CONCEPT RELATES TO A HOUSE PROPERTY.
R.V.RAO
CA. Kirti S. Ganatra
(Expert)
10 December 2007
No one house property will be taxable as deemed to be let out and fair rental value or standard value or m.V. will be consider
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
