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,
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.
| Originally posted by : Manika Venkata Siva Prasad | ||
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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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Agreed :)
Yes he should shown on the proportion belongs to hi only the remaining go to his wifes book.
CAclubindia
