Income from House Property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2010 Our one of the assessee receiving rent income. He donot have title of ownership. But he has right to received monthly rent by result of family arragment.(ownership right lies with other family member)
Is it taxable under HP our any other head of income

Guest

Guest (Expert)

26 August 2010 it is taxable only under the head of income from House property.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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26 August 2010 Agreed it will be taxable under head of HOuse property. There is no need have title of ownership for taxability of rent recd.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2010 Please give me base of provision of the said act.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 August 2010 There is no stipulation that a registered conveyance deed is required to treat a person a owner of a property for the purpose of assessing income under the head "income from house property". If a person has exclusive possession of a property in his own right, he may be treated as an owner for the above purpose.

Citation :- Pallonji Mistry v CIT (2009) 178 Taxman 341(Bom).