income from house property

This query is : Resolved

Murulidhara S (Querist)
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08 June 2007 1.Suppose I am having two house properties at different places out of which one I will occupy for self and In another My parents stay ( native place). Can I claim one which I tay as self occupied ant the other as deemed self occupied.

2.In another case Mr X stays in one potion of his own house and another portion gives for lease for 3 years. What is the treatment. (he is not getting monthly rent)

Murulidhara.S

PR Choudahry

PR Choudahry (Expert)
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09 June 2007 I CAse : If u have not earned any income from II nd house than no effect on taxability.

II nd case : House is trat is two unit & Rent received from one unit is taxable & another as SOP .

Murulidhara S

Murulidhara S (Querist)
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09 June 2007 Thank u sir instant respnonse. My doubt is in 2nd case ie if one portions is given for lease by receiveng lumpsum amount for a period of say three years. How to calculate rental income in the absence of annnual rental value?

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PR Choudahry

PR Choudahry (Expert)
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10 June 2007 income is chargeable to tax on due basis or received basis which ever is earlier.

Murulidhara S

Murulidhara S (Querist)
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11 June 2007 Thanu very much. Now it is clear for me.