03 September 2010
Hi, I owned a landlord type rental property which was demolished and new building was built in its place by MHADA.The previous area of single premise was 650 sq.Feet.The new allotted property was three flats totaling 700 sq.feet.No one was kept on rent in the premises.On sale of the property the Income Tax department is claiming tax on assumed/deemed rental income of the other two flats other than the self occupied premise(SOP).What do I do ?
04 September 2010
If all are seperate flats then 2 flats will be deemed as let out propert and deemed income will be taken in your incme for the purpose of tax calculation.
04 September 2010
All are separate flats adjacent to each other an the same floor.But as previously we occupied a larger area we had a cut out made in the walls to interconnect them.The allotment letter was single and the society maintainance bill was also single.
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