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.
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.
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.
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.
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.
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