Income under the head house property
This query is : Resolved
16 January 2016
X let out his property to Y. Y sublets it. How is sub-letting receipt to be assessed in the hands of Y.
PLEASE PROVIDE REASON IN SUPPORT OF UR ANSWER
PLEASE PROVIDE REASON IN SUPPORT OF UR ANSWER
CA PARAS BAFNA
(Expert)
16 January 2016
For assessing under the head Income from House Property, as per Section 22 the assessee should be owner of the property. In case of sub-letting the property though the tenant (assessee) earns rental income but he can not be said to be the owner of the property.
There being no other suitable head, sub-letting income is assessed in the residual head of Income from Other Sources.
There being no other suitable head, sub-letting income is assessed in the residual head of Income from Other Sources.
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