02 November 2012
1.A PERSON OWNS TWO FLATS IN A BULDING ADJACENT TO EACH OTHER.HE AND HIS WIFE SHARE THE OWNERSHIP OF BOTH FLATS IN THE RATIO OF 1:1 IN EACH FLAT i.e.50% IN EACH FLAT. BOTH FLATS ARE SELF OCCUPIED. Case 1 What is the tax implication if both flats are combined as one? Does it attract the deemed lop section? Case 2 Tax implications on considering it as a joint flat? Case 3 Tax implications on not considering it as a joint flat?
10 November 2012
IN THIS FACTS YOU HAVE A ARGUABLE CASE BY SAYING THAT THE SECTION SPEAKS OF BUILDING AND NOT OF FLAT. SEVERAL FLATS CONSTITUTE A BUILDING.
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