Mr. X owns 3 properties as follows: Property A - 100% owned by Mr. X, Property B - 50% by Mr X and 50% by Mrs. X and Property C - 50% by Mr. X and 50% by Mrs X. Mr X and Mrs X live in Property B. Other 2 properties (i.e. Property A and Property C) are vacant throughout FY 2013-14. In income tax return of Mr. X he wants to show Property A as self occupied by him and property B self occupied by Mrs. X. Can the following be shown in return of Mr. X : Property A - self owned by Mr. X hence income from property A = NIL. Property B - self occupied by Mrs. X - hence income from Property B = NIL and Property C - deemed to be let out in ratio of 50%; and Can following be shown in Return of Mrs. X : Property A - Not applicable (ignore) Property B - self occupied Property C - Deemed to be let out in ratio of 50% Thus Can Mr. X and Mrs X end up showing just 1 property as deemed to be let out?
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Joint ownership of house properties complexities
Replies (1)
this is not possible my friend. let us suppose mr. x claims property A as self occupied and mrs. x claims 50% of B as self occupied. now pan of co-owner is mandatory, so what are you going to fill in that column. if you give pan of mr.x, then both A and B will be self occupied by him and hence he will be receiving notice from dept. deeming A to be let out..... so i would suggest that only B to be declared self occupied and A and C to be deemed to be let out.
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