Income tax
This query is : Resolved
16 December 2013
I AM HAVING 4 RESIDENTIAL FLATS OUT OF WHICH ONE IS SELF OCCUPIED AND ANOTHER IS GIVEN RENTED THE REMAINING TWO RESIDENTIAL ARE VACANT WHETHER NOTIONAL VALUE OF VACANT FLATS TO BE ACERTAINED AND ADDED FOR TAXABLE INCOME FOR AY 2011-12 PL EXPLAIN
16 December 2013
yes you need to compute the notional value and offer for tax.
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17 December 2013
The ans is yes as the others will be Deemed to be let out and accordingly will need to be offered for tax on notional basis and 30% deduction u/s 24(a) is allowed on such income.
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