Income from house property

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KIYOSH (TAX CONSULTANT) 29 August 2011

Hi to all,

As per IT act, if person own more than one residence property than he should show income from House property.

My client is already having one residence house & he buy another house jointly with his wife in proportion to 1/3 (self) & 2/3 (wife).

In this case it is must for my client to show notional income from house property OR not.

What r the option available in above case ?

Please reply.

Thanks,

Aditi Kaur (Practising CA) 30 August 2011

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Manika Venkata Siva Prasad (IPCC-student) 29 August 2011

Yes, he should show his income from one house property, the choice is left with him only, he can opt one house as his own, and another as source of income. Even though der is part of his wife, it shouldnt be taken as separate from house, as she comes under relatives list.

Aparna Raja K.C (Student) 29 August 2011

Originally posted by : Manika Venkata Siva Prasad
	Yes, he should show his income from one house property, the choice is left with him only, he can opt one house as his own, and another as source of income. Even though der is part of his wife, it shouldnt be taken as separate from house, as she comes under relatives list.