03 November 2009
An assessee a salaried indiviual owns a peice of land on which an apartment building is constructed for the purpose of letting out on Leave and Licence basis flat and shops. a) Should the assessee be the owner of the building or the land or both for rental income to be taxed under income from house property? b) The assessee has three major children. The assessee has included all rental income under income from house property in all his previous assessments. Now that his children have attained majority, He wants his children to equally share in the rental income along with himself. Can he do so from the next financial year? Are there any procedures to be followed?
CAclubindia
