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Income tax

Tax queries 500 views 7 replies

MR. DEEP  is the owner of a house Property it has been in his self-occupancy for residential purposes DURING 2013-14. He is transferred in February 2014 to the Nagpur Branch of the Company. He intends to allow his sister to occupy the house free of rent in his absence.

He seeks your advice in COMPUTING INCOME UNDER THE HEAD HOUSE PROPERTY FOR A.Y 2014-2015

Replies (7)

If it is free of rent, then no income u/h House property.

It is deemed to be let out. The municipal value or actual rent receivable will be treated as income from house property.

He has only one house in his name, why deemed let out......

The question is not mentioning that he has purchased a house in nagpur.

From feb on wards it would be treated as deemed letout
Right.. If he has only one house property then no deeming provision apply. Otherwise it is taxable from Feb as deemed let out.

IT WILL BE APPRECIABLE IF U WILL GIVE REASON FOR SUPPORT OF UR ANSWER.
 

The computation has to be done as if the house property is SELF OCCUPIED provided -the property should not be let out for any part of the year -no other benefit should be arrived from such house property -he has to recide only in a building not owned by him ,where he is transferred -the reason for the assessee for not occupying the hose property should be business or employment elsewhere and not for any other reason


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