Amit Singh (Chartered Accountant) (270 Points)
13 October 2010Dear Members,
One of our client has purchased a co-ownership flats along with brothers
(brothers are coowner) now one of the brother(B) has already 1 flats in his name
& he is living in it & other reside in coownership flat now my ? is that brother(B) will be
liable for tax on deemed income of the property as he is havng two flats in his name
With Regards,
Amit
Bhavin Bhadra
(Job)
(174 Points)
Replied 13 October 2010
Dear Amit,
Brother having self occupied house and co-ownership in this house will have to determine income on deemed let out basis for co-ownership property.
He can also claim deduction allowed under provisions of the act from this deemed income.
Bhavin Bhadra
CAclubindia
