House rent

This query is : Resolved

rohit (Querist)
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29 January 2014 A PERSON HAS 3 STOREY BUILIDING,HE USES FIRST FLOOR FOR HIMSELF AND HE HAS GIVEN GROUND AND 2ND FLOOR ON RENT OF 9000 P.M EACH

WHAT WILL BE THE TAXABLE AMOUNT/
HE HAS ONE MORE HOUSE IN ANOTHER CITY IN WHICH HIS SON IS STAYING?

Uday Shetty

Uday Shetty (Expert)
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30 January 2014 Each floor is..treated as saperat residential unit....the floor in which person is residing will be treated self occupd..annual value will be nill....in other casess you have to apply normal provissions...even the house is not actualy let out...the other house situated in other city is deemed to be let out...the rent prevling in the area will be its annual value...and accordingly u have to work out taxable income.