reg : Lease income

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This query is : Resolved

Gayathri Devi (Querist)

13 March 2008 Dear sir,

If owner of the house property hirring his house for lease how we want to treat as per income tax act ?

If we are in rental house and an assessee is hiring that property for lease how we want to treat as per income tax act ?

Gayathri Devi

Gayathri Devi (Querist)

13 March 2008 1

Chintan Gajjar

Chintan Gajjar (Expert)

13 March 2008 It should be shown under Income from House Property in the first case.

Chintan Gajjar

Chintan Gajjar (Expert)

13 March 2008 In the second case, it is called sub letting of house and it may be shown under house property.

Chintan Gajjar

Chintan Gajjar (Expert)

13 March 2008 I am not sure in second case.

Gayathri Devi

Gayathri Devi (Querist)

13 March 2008 the lease amount is received in lumpsum how we can treat that in IT statement

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)

13 March 2008 The sub lease of the house should not be treated as income from house prperty as the owner occupies a house in some other capacity. It should be treated as Income from other sources. -D.R. sunder Raj v. CIT(1979).

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