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Querist : Anonymous

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Querist : Anonymous (Querist)
20 November 2014 i am residing in a govt quarter. In the same city i have purchased a flat there without taking home loan.
now my question is how to show it in income tax return
1) if flat is rented out
2) if flat is not let out

whether it is treated as self occupied but in actual i am living in govt quarter.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
20 November 2014 1. it will be let out property and taxed accordingly

2.deemed to be let out.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 November 2014 how it is taxable if it there is no rental income
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
20 November 2014 under income tax act u need to cal the fair rent subject to max standard rent and after deducting the 30% of gav u need to pay tax on it.
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