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House property

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)

13 January 2012

Hi everyone , Its friday Happy lohri to everyone. Tomorrow will be sat and then Sunday. weekend offf ..................so wil be holidays.

As it is said na ...

"All work and no play makes Jack a dull boy"

So will start our next chapter from Monday onwards and It will be PGBP. As it is too biggggg chapter. So really need a brk for it ...

Let's go back to the drawing board and start our discussion On house property.

Please download the attached file

Basic introduction about House property

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32 Replies

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.) (1823 Points)
Replied 13 January 2012

nice sharing........

srinivass (CA Final) (2466 Points)
Replied 13 January 2012

THANKS TEACHER

H @ PPY HO!D @ YS

........

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
Replied 13 January 2012

Property income exempt to certain persons
An Ex-Ruler of (palace)
Local Authority.
Approved Scientific Research Association.
Institution for the development of Khadi and Village Industries., Khadi and Village Industries Boards.
A body or authority for administering religious or charitable Trust or endowments.
Certain Funds, educational institutions, hospitals etc. Registered Trade Union.
Statutory Corporation or an institution or association financed by the Government for promoting in the interests of members of SC or ST.
Co-operative Society for promoting the interest of the members of SC or ST.
Charitable Trust.
Political Party.

3 Like

Sanjay chhaiya (articleship) (40 Points)
Replied 13 January 2012

thanks

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
Replied 13 January 2012

you cancheck last lessons from here../...

Salary doubts

Basics of the tax questions

(Guest)

Deemed Owner

1.Transfer to a spouse or minor child

2.Holder of an impartible asset.

3.Member of a cooperative society.

4.Person in possession of a property.

5.Person having right in a property for a period not less than 2 years.

2 Like

(Guest)

CO-OWNERS

Where the property is owned jointly by two or more and their share is definite and ascertainable,they shall be assessed individually on their shares in the income from the property.

This point is so small but yet once they asked in my pcc exam..i did wrong.i blame myself for not going through it deeply.They even ask by merging it in Total income Computation..Even in final...This house property seems easy and small,but every time i see it,its new for me..............

1 Like

Sanket (!..Live to Give..!) (16427 Points)
Replied 13 January 2012

House Property Theory.........

Attached File : 479918 906647 income from house property theory.doc downloaded: 193 times

2 Like

Manjul Soni. (CA Student.) (1407 Points)
Replied 13 January 2012

yes
i downloaded this File ..........
Thanks

Manjul Soni. (CA Student.) (1407 Points)
Replied 13 January 2012

On Determination of NET ANNUAL VALUE (NAV)

The Following FActors Are TAken To Consideartion -

1. Actual RENT Received Or Receivable

2. Fair Rent

3. Municipal Value

4. Standard Rent .

For ascertaining The GROSS ANNUAL VALUE

EXPECTED RENT

is Comapared With Actuall Rent Received Or Receivable

And Whicever is Higher Become GROSS ANNUAL VALUE

* Exception = Where the Property is let out And was vaccant for whole or part of the year and the actual rent received is LESS THAN then Amount Receivable ......

**Expected Rent = Haigher value Of MUNICIPAL VALUE AND FAIR RENT But Subject to the Limit Of Standard Rent..........

AND MUNICIPAL TAX is Deducted From GROSS ANNUAL VALUE To find NET ANNUAL VALUE ///////

*** MUNICIPAL TAXES ARE ACTUALLY PAID BY THE ASSESSE

And

IT is BORNE BY THE ASSESSEE.................

DISCLAIMER - This Concept Written is on my Own language

If any point is missing Then Correction is Highly appreciated

1 Like

BALASUBRAMANYA B N (CCI STUDENT....) (44668 Points)
Replied 14 January 2012

Great going my dear sis, your doing wonderful work.Glad to be part of CCI and feel proud to have sis like u..

Best of luck sis

Keep rocking dear...

Sanket (!..Live to Give..!) (16427 Points)
Replied 14 January 2012

Another One... Plz Find the Attachment.....

Attached File : 479918 907267 income from house property.doc downloaded: 117 times

P.SUHAS (FINANCIAL ADVISOR) (82 Points)
Replied 15 January 2012

Dear Renu & Karthik.e & all

Thanks , I am having few question about deemed owner.

I owned property in my sole name, I am going to rent this property in near future, but want to earn rent income in the hands of my parents,

So my question is

1) How can I make my parents - dad & mom as Deemed owner of this my property ? what are the ways that Income tax dept will consider my parents as deemed owner ??

one of the method is by a) Gifting flat to parents, Any other way ??

2) Someone recommending me some spilting of rent, as rent for House property & rent for furniture, how this help in Tax saving ??

3) Is transfer & gifting is same or there is differance in these both concept ??