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Income from house property


KIYOSH (TAX CONSULTANT)     12 September 2011

KIYOSH
TAX CONSULTANT 
 15 likes  332 points

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HI TO ALL,

AN INDIVIDUAL HAVING TWO HOUSE PROPERTY, ONE OCCUPED FOR HIM SELF & IN OTHER ONE OCCUPIED BY HIS PARENT.

IS HE REQUIRE TO SHOW DEEMED HOUSE RENT INCOME ?

PL GIVE YOUR EXPERT COMMENTS.

REGARDS,

KIYOSH

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Aditi Kaur (Practising CA)    13 September 2011

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Savvy (Student)     12 September 2011

Savvy
Student 
 4 likes  87 points

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The assessee can treat only one house property as Self Occupied in one time. So if the said assessee has more than one residential house property, he had to treat all the other house properties except one as "Deemed to be Let Out".

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srishty mittal (Intern- Aviva India)     12 September 2011

srishty mittal
Intern- Aviva India 
 3 likes  78 points

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YES ,HE IS REQUIRED TO SHOW DEEMED HOUSE RENT INCOME.

EXCEPT ONE SELF OCCUPIED ,ALL OTHER ARE DEEMED TO BE LET OUT

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mridul savio Pinto (articled trainee )     12 September 2011

mridul savio Pinto
articled trainee  
 103 likes  1477 points

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agree with all

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pavani (practicing chartered accountant)     12 September 2011

pavani
practicing chartered accountant 
 2 likes  74 points

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hi

he has to re one house as s/o and other as d/l/o

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sadashiv Rupchand Gaikwad (Proprietor)     13 September 2011

sadashiv Rupchand Gaikwad
Proprietor 
 23 likes  519 points

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In this connection there was case law. It is injustice on you.But if you rves to the Assssing Officer that one single House in not sufficent, adeuquate fot you whole family.You need another house for your big family, your intetion is not to get extra rent income,the ITO may allow total(both properties) as deducton, and exemption u/s80C (within ambit 1 lacs) also.I think you may take risk to show 'Nil" Rent income on another houseproperty, and to minuns both interest amount from Income. You can also to deduct the amount  Payment of Principal Repayment which is cover U/C VIA.

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Ramanuj (Accountant.)     13 September 2011

Ramanuj
Accountant. 
 50 likes  829 points

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Dear All

I Think it is required to show Deemed house rent income. only one house has self occupied & other are Deemed to be income .


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