Income from House Property
This query is : Resolved
03 November 2009
An assessee a salaried indiviual owns a peice of land on which an apartment building is constructed for the purpose of letting out on Leave and Licence basis flat and shops.
a) Should the assessee be the owner of the building or the land or both for rental income to be taxed under income from house property?
b) The assessee has three major children. The assessee has included all rental income under income from house property in all his previous assessments. Now that his children have attained majority, He wants his children to equally share in the rental income along with himself. Can he do so from the next financial year? Are there any procedures to be followed?
a) Should the assessee be the owner of the building or the land or both for rental income to be taxed under income from house property?
b) The assessee has three major children. The assessee has included all rental income under income from house property in all his previous assessments. Now that his children have attained majority, He wants his children to equally share in the rental income along with himself. Can he do so from the next financial year? Are there any procedures to be followed?
03 November 2009
he can share rent with any one but tax is to be paid by himself
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
