CA CMA Amit Patel (-) (72 Points)
10 March 2011If an assesse have two residential house property.
1. Used for own residential purpose.
2.Idle and even not given on rent and it is locked for whole year (purchased for price appreciation purpose)
Whether Second house is taxable as "Deemed to be let out"?even empty for whole year?
Yes.
One of the house property would be considered as “deemed let out” based on
Assessee’s choice & its Annual Value would be taxable under House property income,
[even if it is locked & not rented for the whole year],
this is becoz...
what is Taxable under House Property Income is not the “Rent Income”
but the “Annual Value” of the House Property.
AVIJIT
(CA FINALIST)
(370 Points)
Replied 10 March 2011
I too agree with Mr. Sunil but would like to add one more point that you should choose the House showing lesser HP income.
Bhav Bhuti Sharma
(Towards Professionalism )
(823 Points)
Replied 11 March 2011
| Originally posted by : Sunil Ahir | ||
 |
Yes. One of the house property would be considered as “deemed let out” based on Assessee’s choice & its Annual Value would be taxable under House property income, [even if it is locked & not rented for the whole year], this is becoz... what is Taxable under House Property Income is not the “Rent Income” but the “Annual Value” of the House Property. |
 |
agree
Naveen
(CA Final, B Com (A&F))
(122 Points)
Replied 11 March 2011
Yes... the municipal value will usually be taken and will be taxed...
choose the lowest one of the two...
Chandan kumar
(B.Com. (H) & CA FINAL and intrested to )
(263 Points)
Replied 11 March 2011
yes any one house should be taxable as IFHP................
CA Mohit Thareja
(Assistant Manager-Accounts & Finance)
(1117 Points)
Replied 12 March 2011
| Originally posted by : AJAY | ||
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Sorry!! IFHP stands for???? |
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IFHP STANDS FOR INCOME FROM HOUSE PROPERTY.
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