Akarsh Goyal (Student-CA Final) (1357 Points)
27 July 2014
Roshan A
(Chartered Accountant)
(458 Points)
Replied 27 July 2014
Yes ownership is necessary and Income Rs180000 from House Property is below the basic exemption limit and hence not taxable
NILA REJESH P
(Chartered Accountant)
(815 Points)
Replied 27 July 2014
Assessee should be legal owner of house property. Annual rent is below taxable income. So, not taxable.
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 28 July 2014
I have a doubt that the ownership of the property is must to claim Income from House Property under the head House Property.
Income of Subletting is also Taxable under the head House Property.
CAclubindia
