*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
13 January 2012
Hi everyone , Its friday Happy lohri to everyone
. Tomorrow will be sat and then Sunday. weekend offf ..................so wil be holidays.
As it is said na ...
"All work and no play makes Jack a dull boy"
So will start our next chapter from Monday onwards and It will be PGBP. As it is too biggggg chapter. So really need a brk for it ...
Let's go back to the drawing board and start our discussion On house property.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 13 January 2012
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 13 January 2012
you cancheck last lessons from here../...
CO-OWNERS
Where the property is owned jointly by two or more and their share is definite and ascertainable,they shall be assessed individually on their shares in the income from the property.
This point is so small but yet once they asked in my pcc exam..i did wrong.i blame myself for not going through it deeply.They even ask by merging it in Total income Computation..Even in final...This house property seems easy and small,but every time i see it,its new for me..............
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 13 January 2012
House Property Theory.........
Manjul Soni.
(CA Student.)
(1407 Points)
Replied 13 January 2012
yes
i downloaded this File ..........
Thanks
Manjul Soni.
(CA Student.)
(1407 Points)
Replied 13 January 2012
On Determination of NET ANNUAL VALUE (NAV)
The Following FActors Are TAken To Consideartion -
1. Actual RENT Received Or Receivable
2. Fair Rent
3. Municipal Value
4. Standard Rent .
.
.
.
.
For ascertaining The GROSS ANNUAL VALUE
EXPECTED RENT
is Comapared With Actuall Rent Received Or Receivable
And Whicever is Higher Become GROSS ANNUAL VALUE
* Exception = Where the Property is let out And was vaccant for whole or part of the year and the actual rent received is LESS THAN then Amount Receivable ......
**Expected Rent = Haigher value Of MUNICIPAL VALUE AND FAIR RENT But Subject to the Limit Of Standard Rent..........
AND MUNICIPAL TAX is Deducted From GROSS ANNUAL VALUE To find NET ANNUAL VALUE ///////
*** MUNICIPAL TAXES ARE ACTUALLY PAID BY THE ASSESSE
And
IT is BORNE BY THE ASSESSEE.................
DISCLAIMER - This Concept Written is on my Own language
If any point is missing Then Correction is Highly appreciated
BALASUBRAMANYA B N
(CCI STUDENT....)
(44682 Points)
Replied 14 January 2012
Great going my dear sis, your doing wonderful work.Glad to be part of CCI and feel proud to have sis like u..
Best of luck sis
Keep rocking dear...
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 14 January 2012
Another One... Plz Find the Attachment.....
P.SUHAS
(FINANCIAL ADVISOR)
(82 Points)
Replied 15 January 2012
Dear Renu & Karthik.e & all
Thanks , I am having few question about deemed owner.
I owned property in my sole name, I am going to rent this property in near future, but want to earn rent income in the hands of my parents,
So my question is
1) How can I make my parents - dad & mom as Deemed owner of this my property ? what are the ways that Income tax dept will consider my parents as deemed owner ??
one of the method is by a) Gifting flat to parents, Any other way ??
2) Someone recommending me some spilting of rent, as rent for House property & rent for furniture, how this help in Tax saving ??
3) Is transfer & gifting is same or there is differance in these both concept ??
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 17 January 2012
ur points are correct. But vacany loss is also deducted after calculating expected rent.
Thanks a lot.
Plz make sure that file hasnot any wrong information.
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
CAclubindia
