Would inherited house property also be taken as deemed to be let out property if the person inheriting it already has a house of its own?
Sunshine
(Helping All)
(10575 Points)
Replied 04 October 2010
yes it will be taxed...for taxability ownership or deemed ownership is the only criteria be it by purchase or inheritence...
Raghav Toshniwal
(student)
(450 Points)
Replied 05 October 2010
yes rahul, it will be deemed to be let out....it depends on our choice that we treat which property as self occupied or let out...But once a property is declared self occupied, then he another one is deemed to be let out...or vice versa...
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 05 October 2010
above friends are right yes it will be taxable and it depends on ur choice which house u want to claim self occupied.
regards
tarun rustagi
CAclubindia
