U/s 27 of Income Tax Act 1961, following person is deemed owner for a property.
Which is assessable for income under the head Income from House Property.
1. An individual, who transfer his/ her house property without adequate consideration to his/her
spouse (not under an aggreement to live apart)
minor children (not being a married daughter)
2. a person who purchase or comes to have control over the house property under
- Power of attorneys
- taking a property under lease for not less than 12 years.
3. A member of Group House Society, Company, AOP who whom a floor, flat is allotted or leased under house building scheme of society.
4. Holder of Impartible assets.
CAclubindia
