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income from.house property
i have a query regarding house property if a residential property is partly self occupied and partly let out means ground floor for residential purpose and first floor is given for rents purpose there have six rooms and per room rent is rs.1000 so my question is that the property would be called self occupied or let out under the head of income from house property which itr would be filed? may be 1, please help to sort out the question
Replies (18)
in my opinion, in order to qualify for a property to be let out is atleast it should contain one room one bathroom and one kitchen. in your case, it seems, you have rented out the rooms to college students/ out station office going bachelor's etc. in such situation, it should be treated as business income and as house property income. correct me if iam wrong frds
It is considered as self occupied & let out both.
One unit is let out & other is self occupied.
One unit is let out & other is self occupied.
Rashmi mam..I don't agree with you
Rashmi mam..I don't agree with you
If all tenant living as paying guest then it will be income from business income.
which itr would be filed if rental income is covered under business income and which head covered income from other sources or profit and gains from business??
ITR-3 to be filed in both cases.
HI all ....I have given 2BHK house fa lease amount 15 lakh should I pay tax .....????
You Have To pay taxes on that income as it is above taxable income.
if I pay tax .....should I collect amount including tax from tenant.......
No you can't do so. Paying tax is only your liability & you can transfer burden on tenant
Rashmi mam explain in detail in respect of leasing out of property..for example leasing out of property for 15 lakhs for a period of 3 years. in this case how to determine income from house property? you can mail me at ramki8219 @ gmail.com
Principle of accrual occurs i.e 500000/- charged annually as annual rental value.
Refer E D Sassoon and Co Ltd vs CCIT for more clarification.
Refer E D Sassoon and Co Ltd vs CCIT for more clarification.
still my doubt stands uncleared. because in case of leasing, the owner will repay the lease amount to tenant after the specified period. i.e. 15 lakhs will be repaid after 3 years. then how could you expect the lessor to pay tax on 5 lakhs which was not actually accrued. pls clarify
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