House property

This query is : Resolved 

09 June 2011 Sir,
A property of house along with vacant area is
partitioned in to 3 share equally, 1/3 portion will be the each share. They have let out the property on monthly rent basis
the rent is equally shared 33.33 % by each.
Assume monthly Rs.45000 as gross income. Each will get Rs.15000 as their share.On filing of income tax return how can we compute the standard rent, fare rent and municipal value.for the AY -2009-2010 .The total property value is Rs.50,00,000/- part of the portion is sold out in the middle of 2010 for the purpose of marriage of their family member.assume Rs.15,00,000/- From 2010 onwards the property value will be Rs.35,00,000/- they will get rent Rs.30,000/- now what will be the liability of a person who is aged 32[son]for the year 2010-2011 father & mother senior citizens.

10 June 2011 As per the Income from House Property, any property which has been given on rent with vacant land should be chargeable to tax under the head income from house property.

Is the partition of land and building between them registered? If it is not registered, the whole income which was arriving from the property will be taxed in the hands of the person who is authorized to take charge of the family if it was an HUF. If the partition is registered, and it is not an HUF, then income partially (Rs 10000/-) will be separately chargeable individually with every person.

As far as Municipal Value, Fair Rent calculation, we need to calculate it to a total value for the land and building and we need to divide into three parts after considering the exact municipal value or fair value.

Please let us know if you have any doubts

Thanks,
CA M Sreenivasa Rao
R&S Associates

10 June 2011 Thank you very much Sir




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries