KIYOSH (TAX CONSULTANT) (332 Points)
29 August 2011Hi to all,
As per IT act, if person own more than one residence property than he should show income from House property.
My client is already having one residence house & he buy another house jointly with his wife in proportion to 1/3 (self) & 2/3 (wife).
In this case it is must for my client to show notional income from house property OR not.
What r the option available in above case ?
Please reply.
Thanks,
Manika Venkata Siva Prasad
(IPCC-student)
(84 Points)
Replied 29 August 2011
Yes, he should show his income from one house property, the choice is left with him only, he can opt one house as his own, and another as source of income. Even though der is part of his wife, it shouldnt be taken as separate from house, as she comes under relatives list.
Aparna Raja K.C
(Student)
(520 Points)
Replied 29 August 2011
| Originally posted by : Manika Venkata Siva Prasad | ||
 |
Yes, he should show his income from one house property, the choice is left with him only, he can opt one house as his own, and another as source of income. Even though der is part of his wife, it shouldnt be taken as separate from house, as she comes under relatives list. |
 |
Agreed :)
CS Bijoy
(Expert)
(6394 Points)
Replied 30 August 2011
Yes he should shown on the proportion belongs to hi only the remaining go to his wifes book.
CAclubindia
