**KK** (B.Com. MBA. Pursuing CA & CS) (255 Points)
30 January 2012Hi.... The assessee have been receiving rent from the house property for the past 2 years where the house property is not registered in his name but it is registered in his father's name who is expired before 2 years.
Now i jus wanna know whether it is taxable for assessee??? n whether he is deemed to be owner of the property????
*but obviously he is the only son, the property belongs to him but he has not yet transfered it...
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 30 January 2012
Mr.KK,
since the assessee is the only son he is the owner of the property and he has to admit the rental income in the return
CA.kaya
(Chartered accountant)
(3990 Points)
Replied 30 January 2012
yes its taxable income and he should include it in his itr
yash garg
(student)
(104 Points)
Replied 30 January 2012
yes, it is a taxable income and include in your itr
**KK**
(B.Com. MBA. Pursuing CA & CS)
(255 Points)
Replied 30 January 2012
Thanks guys .... Then you all mean that he is a deemed owner ????
R.Chitra Lekha
(B.com , CA (Ipcc) )
(115 Points)
Replied 30 January 2012
s he is the deemed ower..........
Aditi
(ca final student)
(99 Points)
Replied 31 January 2012
Yes he is deemed onwer and this rental income will be taxable
Sonia Bhardwaj
(Chartered Accountant)
(15 Points)
Replied 02 February 2012
Yes.....he is deemed owner & rental income is taxed in his hands...
indraneel karumanchi
(student)
(49 Points)
Replied 06 February 2012
nope he is not a deemed owner he is a true owner the property need not be transfered as it is inherited
CAclubindia
