Property taxation

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2014 I have a flat in bangalore - which i have shown as residential property. My father has taken another flat in Agra. In that property agreement i am a co owner. The Agra property is yet to be registered. My father plans to use that property as a residential property hence there will be no rent income.

My Query
1. How shud the property be registered so that i have no tax implications of the same
2. If at all i do have any tax implications, what will be those?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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29 April 2014 1.do not show this property as your property in ur itr.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 April 2014 Dear Querist,

I would strongly suggest to avoid any wrongful disclosure/omission in your tax return.

The way out for you is simple, you may consider making your wife (if you are married) or your mother as the co-owner of the other property along with your father (this should not be a problem given the registration is pending). If today you decide to register it in your mother's name (assuming you are not married), you can later on shift the ownership to your wife (once you are married.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2014 Hi Nikhil, Thanks for your response but since the property agreement already includes my name as a co owner. The registration will be done on the basis of the property agreement. Once made, can the property agreement be changed before registration?

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