Urgent
This query is : Resolved
Querist : Anonymous
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.
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.
20 November 2014
1. it will be let out property and taxed accordingly
2.deemed to be let out.
2.deemed to be let out.
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2014
how it is taxable if it there is no rental income
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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