Income from house property
This query is : Resolved
07 September 2011
A Father has two house property. One is self occupied by him and other property has been given to his son for lease say 15 yrs. And son has no other property .
Whatever Father gets lease rent from his son , it should be taxed under which head of income?
Whatever Father gets lease rent from his son , it should be taxed under which head of income?
07 September 2011
Son is the deemed owner U/s 27 as under
A person who acquires any lease rights of not less than twelve years (excluding any rights by way of a lease from month to month or for a period not exceeding one year)
It should be taxed under House Property:
1. In the hands of father if rights by way of a lease month to month or for a period not exceeding one year.
2. In the hands of son if he acquires lease rights of not less than twelve years.
A person who acquires any lease rights of not less than twelve years (excluding any rights by way of a lease from month to month or for a period not exceeding one year)
It should be taxed under House Property:
1. In the hands of father if rights by way of a lease month to month or for a period not exceeding one year.
2. In the hands of son if he acquires lease rights of not less than twelve years.
Message likes :
2 times
07 September 2011
The amount received by the father from his son is taxable Under Income from House Property.
Message likes :
2 times
05 January 2014
Rental income is taxable as Income from House Property.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
