Income from house property
This query is : Resolved
Soumya D Shanbhag
(Querist)
07 September 2011
A Father has two house property. One is self occupied by him and other property has been given to his son for lease say 15 yrs. And son has no other property .
Whatever Father gets lease rent from his son , it should be taxed under which head of income?
Whatever Father gets lease rent from his son , it should be taxed under which head of income?
Hari Beldona
(Expert)
07 September 2011
Son is the deemed owner U/s 27 as under
A person who acquires any lease rights of not less than twelve years (excluding any rights by way of a lease from month to month or for a period not exceeding one year)
It should be taxed under House Property:
1. In the hands of father if rights by way of a lease month to month or for a period not exceeding one year.
2. In the hands of son if he acquires lease rights of not less than twelve years.
A person who acquires any lease rights of not less than twelve years (excluding any rights by way of a lease from month to month or for a period not exceeding one year)
It should be taxed under House Property:
1. In the hands of father if rights by way of a lease month to month or for a period not exceeding one year.
2. In the hands of son if he acquires lease rights of not less than twelve years.
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Ravi Jhamb
(Expert)
07 September 2011
The amount received by the father from his son is taxable Under Income from House Property.
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Nikhil Kothari
(Expert)
05 January 2014
Rental income is taxable as Income from House Property.
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