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Income from house property


KIYOSH (TAX CONSULTANT)     29 August 2011

KIYOSH
TAX CONSULTANT 
 15 likes  332 points

| My Other Post

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,

 

avater

Aditi Kaur (Practising CA)    30 August 2011

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

Manika Venkata Siva Prasad
IPCC-student 
 7 likes  84 points

View Profile | My Other Post

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.

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Aparna Raja K.C (Student)     29 August 2011

Aparna Raja K.C
Student 
 51 likes  520 points

View Profile | My Other Post

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.

Agreed :)

avater

CS Bijoy (Expert)     30 August 2011

CS Bijoy
Expert 
 199 likes  6394 points

View Profile | My Other Post

Yes he should shown on the proportion belongs to hi only the remaining go to his wifes book.


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