Income from house property lying vacant
This query is : Resolved
Arun Gupta
(Querist)
01 July 2013
while filing my wealth tax return, i am taking value of 2 proprties (lying vacant) as per Rule 3 i.e, on the basis of GMR-house tax-15%*12.5.I want the clarification whether i have to show expected rental value as deemed let out income while filing my income tax return or should i treat Gross Annual Value as NIL in respect of above vacant properties although i am paying wealth tax on the basis of Rule 3.
CA PARAS BAFNA
(Expert)
01 July 2013
In Income-tax Return you have to show the property as deemed let out and have to take expected rental value as its Gross Annual value.
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