note : u/s 27. if a person taken any property on lease for period of 12 years or more, than that person is consider to be deemed owner of this property.
my question is = if suppose i am taken a property on lease for the period of 13 years, than i am truly the owner of this house. i am sub-letting this house to immediatly for rent amt to Rs. 1,00,000 per month. than i am generating this income as "Income from House Propery". is it shown this income as H.P from starting of 1 st year or attempting of 12 th years.
and is it shown at H.P income from 1 st year and leaser has know this fact, than he can immediatly forfeited this lease agreement on basis of some escalation clause, what about this income.
my another quetion is if this lease agreement for 8 years, and i am sub-letting this house, than generated income is treated as income from other source, than which expenses shall i claim for deduction is it include property tax, insurance paid, legal fess, and other exp,
thanks 4 sharing with us, best of luck,
CAclubindia
