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Income from house property

KIYOSH (TAX CONSULTANT) (332 Points)

12 September 2011

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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6 Replies

Savvy (Student) (87 Points)
Replied 12 September 2011

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".

srishty mittal (Entrepreneur- Manufacturing Sector) (78 Points)
Replied 12 September 2011

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

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

mridul savio Pinto (articled trainee ) (1477 Points)
Replied 12 September 2011

agree with all

pavani (practicing chartered accountant) (74 Points)
Replied 12 September 2011

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

sadashiv Rupchand Gaikwad (Proprietor) (521 Points)
Replied 13 September 2011

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.