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house property
if an assesee purchase one shop and it is not used for any business purpose and also it is not let out then whether that property will be treated as deemed to be let out?
Replies (6)
No, It will not be treated
but if that person already have one house property before than ?
The Pune Income-tax Appellate Tribunal (the Tribunal), in the taxpayer’s case, held that under section 23(1)(c) of the Income-tax Act, 1961 (Act), annual letting value (ALV) of a property that was vacant during the entire year was to be taken as Nil if the taxpayer intended to, and had taken appropriate efforts to, let the property out.
not treated as house property
It doesnt matter how many properties you own other than the said property. Based on above case, if the assessee had tried to let the property but still it was not occupied its ALV is zero..
ok thankyou
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