To be taxable income under the head House property,assessee should be the owner of the House property.What does it mean?Does it mean assessee should get the property registered in his name or even though registered in his name but possession is after a long time?In both cases is the assesse is said to be the owner of the house property under the head INCOME FROM HOUSE PROERTY? or Possession must be required to be a owner under this head?
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House property
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Owner is a person who is entitled to receive income from property in his own right. Income is chargeable in the hands of person even if he is not a registered owner.
| Originally posted by : TUSHAR | ||
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Owner is a person who is entitled to receive income from property in his own right. Income is chargeable in the hands of person even if he is not a registered owner. |  |
Agree..and also refer Sec.27 Deemed ownership.
Pocession is not necessary to be assessed under this head.
Right to receive income anf accordingly receipt obliges tax incidence
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