02 July 2012
A,B & C are siblings and jointly own an undivided residential house in Delhi. However house is occupied by A for his residence. A does not pay any rent to B & C, and hence for B & C house is not rented. B owns another house in Gurgaon for which she is the sole owner and resides there. C owns a flat in Mumbai and resides there. My query is how will they treat their share(33% portion) of Delhi house in their (B & C)ITR? Will it be deemed to be rented and any deemed income to be computed u/s 22 & 23?
02 July 2012
TELL ME IS IT HUF PROPERTY. IF IT IS HUF NOTHING WOULD BE CHARGEABLE TO B & C.
BUT IF IT IS JOINT PROPERTY(& NOT HUF), EACH SHALL HAVE PROPORTIONATE INTEREST IN THE PROPERTY AND MAY BE TREATED AS DEEMED TO BE LET OUT AT THE OPTION OF B&C.
CAclubindia
