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House rent query for multiple house

Udgam Koomar (Tax Technologist) (1949 Points)

10 March 2014

Hello, just had a basic query. I have one house in my name thru durect allotment, other house was in my faters name, he died in 2007, the papers are still in his name, it has not been transfered to my name thru inheritance and it is lying vacant since then. Will this house be considered mine and do i have to pay notional rent on this?

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6 Replies

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 10 March 2014

Yes uttam as a son you can inherit the said property. Also I suggest you to show it as self occupied property so that no such liability comes over you.

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 15 March 2014

BUT before transfer, will it be my liability to pay taxes on it, should i show it in my itr?

Vikas (Practicing Chartered Acountant) (79 Points)
Replied 15 March 2014

you cannot keep second house as a self occupied. if it is not given on rent u have to show it as deemed let out property. it doesnt matter wheather it is trf on ur name or not

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Mihir (Wealth Manager) (5293 Points)
Replied 16 March 2014

Get the property transferred in your name.

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 16 March 2014

Does this mean that the moment parents expire, from that very day his property showuld be shown in my returns?

Gautam Bothra (CA) (40 Points)
Replied 16 March 2014

Originally Onted by : Uttam
	Does this mean that the moment parents expire, from that very day his property showuld be shown in my returns?

Hi Uttam - You will be deemed to be a representative assesse under section 161 (assuming that you are the only beneficiary of your father's house property) after your father's death. The notional rent of such property shall be added in your income as income from house property.