Hi, I have a small flat currently where I'm living, now my parents wants to live with me but the flat is small. Luckily my adjacent flat is getting sold out, i'm planning to buy that so that my parents can stay there. But I want to know if there is any income must be considered from that flat for income tax purpose ? As I'm not getting any income from that flat, do I still have to show some income for IT purpose ? Anyway around ?
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Income tax on additional property for parents
Replies (4)
Hello Gk,
As per IT act only one house can be shown as self occupied. If in case you have more than one house and both the houses are self occupied then one of the house property will demed to be let out.
In your case the new house that you are going to buy is a seperate unit ( Different house) therefor you have to show house property income for Income tax purpose.
You are suppose to show income from let out property equal to notional rent under the head income from house property. You can show any one house the choice is yours.
Thank you
If you need any other clarification pls let me know.
Hello Gk,
As per IT act only one house can be shown as self occupied. If in case you have more than one house and both the houses are self occupied then one of the house property will demed to be let out.
In your case the new house that you are going to buy is a seperate unit ( Different house) therefor you have to show house property income for Income tax purpose.
You are suppose to show income from let out property equal to notional rent under the head income from house property. You can show any one house the choice is yours.
Thank you
If you need any other clarification pls let me know.
Sir, thx for prompt reply. Since the other flat is adjacent, sharing 1 common wall, is it possible to convert both unites in 1 unit legally ? by internally adjoining them using a door ?
Yes Mr GK that is possible, It will be considered as one single unit with 2 documents.
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