Tax on residential property
This query is : Open
23 June 2019
Sir,
I am an NRI .I own a residential property ( two storied house) in Kerala.The property (both floors) is occupied by me and my family.During construction and registration around 15 years back the house ( the land is single owner in my name - inherited from parent) was registered with two different house number with both houses in my name ;one for ground floor and another for first floor.
Both the floors are occupied by me and my family ( wife three children and me).
Kindly advise
1.If there is a tax implication as it is two houses ( based on two house numbers) even though not rented.
2.Can I transfer one to my wife's name ? Will there be any tax impact on me or my wife if the transfer is made likewise ?
Kindly reply
thanks and regards
Augustine Kachiramattam
I am an NRI .I own a residential property ( two storied house) in Kerala.The property (both floors) is occupied by me and my family.During construction and registration around 15 years back the house ( the land is single owner in my name - inherited from parent) was registered with two different house number with both houses in my name ;one for ground floor and another for first floor.
Both the floors are occupied by me and my family ( wife three children and me).
Kindly advise
1.If there is a tax implication as it is two houses ( based on two house numbers) even though not rented.
2.Can I transfer one to my wife's name ? Will there be any tax impact on me or my wife if the transfer is made likewise ?
Kindly reply
thanks and regards
Augustine Kachiramattam
23 June 2019
1.No
2.No if you gifted that property to your wife.
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