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House Property Income


KIYOSH (TAX CONSULTANT)     19 April 2011

KIYOSH
TAX CONSULTANT 
 15 likes  332 points

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Due to redevelopment of building an individual take home on rent & paying 10,000/- as rent.

He is getting 6,000/- as a rent from builder who is redevelping building.

Now what will be the effect in the Income tax return of Individual ?

Is he claim loss under House Property Income or not ?

If yes than can it be adjusted against any other head of Income ?

Regards,

avater

Devendra (Chartered Accountant)     19 April 2011

Devendra
Chartered Accountant 
 428 likes  4750 points

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In such case there is no loss from house property.

Loss arises when the house is kept vacant and only the Interest on Loan is utilised in computing house property income.




Regards,

Devendra K

CA. Arpita Singhal (Partner)     20 April 2011

CA. Arpita Singhal
Partner 
 7 likes  100 points

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Only interest on loan for house property can be treated as loss under the head Income from H. P.

Loss mentioned above can not be claimed.

avater

KIYOSH (TAX CONSULTANT)     20 April 2011

KIYOSH
TAX CONSULTANT 
 15 likes  332 points

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OK

if I can not claim loss than in that case what effect should I give in ITR

Should I show income from House Property OR should not disclose anything at all in ITR ?

Please reply

 

avater

U S Sharma (glidor@gmail.com)     20 April 2011

U S Sharma
glidor@gmail.com 
 1739 likes  21021 points

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Originally posted by : KIYOSH

OK

if I can not claim loss than in that case what effect should I give in ITR

Should I show income from House Property OR should not disclose anything at all in ITR ?

Please reply

 

such expenses are incurred for living, and would be accounted in drawings. 

avater

KIYOSH (TAX CONSULTANT)     20 April 2011

KIYOSH
TAX CONSULTANT 
 15 likes  332 points

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Originally posted by : U S Sharma




Originally posted by : KIYOSH






OK

if I can not claim loss than in that case what effect should I give in ITR

Should I show income from House Property OR should not disclose anything at all in ITR ?

Please reply

 






such expenses are incurred for living, and would be accounted in drawings. 

 You mean to say I have to show House rent income 50400 (i.e 72000 (6000 X 12) Less 30% deduction on it) & payment of 1,20,000/-  (10000 X 12) to be put in withdrawal.

OR

I have to show NIL house rent income as actual rent recd 72000/- & rent paid 1,20,000/-

Please reply.

avater

U S Sharma (glidor@gmail.com)     20 April 2011

U S Sharma
glidor@gmail.com 
 1739 likes  21021 points

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you are getting reimbursement of your rent, its not rent income, 

rent income is for letting out your house on rent.

48000(12000-72000) is your drawings expenses and there is no provision in ITR to clain it as deduction. 

1 Like

CA Anshul (CA)     14 June 2011

CA Anshul
CA 
 24 points

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if a person owns the property for the whole previous year and it was vacant for the whole year, is there any chance that GAV can be taken as NIL as per the provisions of the Income Tax Act, 1961??? 


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