Dear Sir ,
My question is related to tax on income from house property
My friend stays in an inherited joint property with other family members. He also owns a 2bdr flat where he visits every month and stays for a couple of days. Though the flat is not occupied by any tenant , the garage has been given on rent and the monthly rental amount is almost the same as the monthly maintenance charges payable by my friend to the society of the housing complex. Since there is no rental receipt of this flat and garage rent receipt and monthly maint charges are almost same , income from house property is shown as nil. Apart from the monthly maintenace charges , some annual maint charges and Coporation taxes are also paid for this property.
Under such case, is there any tax liability ( income from house property) for the 2br flat and if so , what will be a guideline on computation .
Looking for a reply
Thanking you
S Mukherjee
CAclubindia
