Which head of income and how to file return online

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rakesh (Querist)
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14 March 2013 A assesee as income from salary and also has a separate complex from which his wife collects rent for letting out complex in which 1st floor are shops and other floors are let out for school and residential purpose. Whether the income from letting out the complex falls under which head as an house property or business income or other source. Whether clubbing is necessary in the total income of assessee or not . Whether clubbing is done incase property is in the name of his wife. I want to file income tax returns of the assessee online..Plz someone suggest and tell me the procedure to file return...

Is there any benefit filing such property income under HUF..

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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15 March 2013 All income derived from letting out of complex will be chargeable under the head Income from House Property.

If the house property is owned by you, it would be taxed in your hands.

If you transfer the property to your wife without adequate consideration, the property would be deemed to be owned by you and income will be taxed in your hands.

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rakesh

rakesh (Querist)
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15 March 2013 whether complex having many portions fetching rent consider as one house property or not and form ITR 1 sahaj is applicable..

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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17 March 2013 If a complex has multiple independent units, each unit would be considered separately.

If all units were acquired through a single transaction, the complex would be a single unit.

It however would depend on facts and circumstances of your case.

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