Regarding house loss/income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2012 Hi,

I own a house in chandigarh and its registered under my and my mom's name. It is rented out to someone(getting 90K approx annual rent \) as I stay in pune in a rented house and mom stays at some other place in the rented house. I would like to get more clarity on house loss/income.

Thanks in advance.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

02 April 2012 Since the house is a jointly owned property the income from such house property shall be taxable in the hands of both the co-owners in the proportion of their share in the property.

Accordingly, the income of Rs. 90,000 shall be taxable in equal proportion between you and your and mother.

Computation:

Rental (90,000*50%) 45,000
Less: Municipal Taxes (Actual *50%) XXXX
Net Annual Value
Less: Deduction u/s 24
(i) 30% of Net Annual Value
(ii) Interest on loan.

Income from House property.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

10 April 2012 The experts have given you correct and to the point reply. Kindly do it as I also agree with them on this issues.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.Pinank Arvindbhai Shah

venkanna setty

Vignesh Killur

Tax Expert Group

NIKHIL GUPTA

Subscribe Now

Regarding house loss/income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

Article Assistant

CA Final

GST CONSULTANCY