reg : Lease income

This query is : Resolved

Gayathri Devi (Querist)
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13 March 2008 Dear sir,

If owner of the house property hirring his house for lease how we want to treat as per income tax act ?

If we are in rental house and an assessee is hiring that property for lease how we want to treat as per income tax act ?

Gayathri Devi

Gayathri Devi (Querist)
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13 March 2008 1

Chintan Gajjar

Chintan Gajjar (Expert)
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13 March 2008 It should be shown under Income from House Property in the first case.

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Chintan Gajjar

Chintan Gajjar (Expert)
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13 March 2008 In the second case, it is called sub letting of house and it may be shown under house property.

Chintan Gajjar

Chintan Gajjar (Expert)
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13 March 2008 I am not sure in second case.

Gayathri Devi

Gayathri Devi (Querist)
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13 March 2008 the lease amount is received in lumpsum how we can treat that in IT statement

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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13 March 2008 The sub lease of the house should not be treated as income from house prperty as the owner occupies a house in some other capacity. It should be treated as Income from other sources. -D.R. sunder Raj v. CIT(1979).