How to consider the income from house?
2 years ago
WIFE CONSTRUCTED BUILDING GIFTED BY HER HUSBAND WITH HER SAVING AND LOAN AMOUNT. RENT RECEIVED FROM THE BUILDING WILL BE ADDED TO THE WIFE'S INCOME OR HUSBAND'S INCOME. BOTH ARE INCOME TAX ASSESSES. WHO HAS TO PAY INCOME TAX. CLUBBING PROVISION MAY BE RULED OUT AS BUILDING CONSTRCTED BY HER OWN FUNDS WITH SAVINGS AND LOAN. PLEASE CLARIFY.
A.Hi,
Income from house property is defined as the income earned from a property by the assessee. House property includes the building itself and any land attached to the building. Taxability may not necessarily be on actual rent or income received. If the property is not let out, the tax will be charged on the potential income the property is capable of yielding.
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Income from house property is defined as the income earned from a property by the assessee. House property includes the building itself and any land attached to the building. Taxability may not necessarily be on actual rent or income received. If the property is not let out, the tax will be charged on the potential income the property is capable of yielding.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Whoever is the owner of the property, and the one who receives the rent is liable to pay income tax under the head income from property. However, for the financial year 2020-21, the exemption can be claimed for income from house up to two houses. It is advisable to discuss with a chartered accountant.
If you like my answer, please rate me.
Whoever is the owner of the property, and the one who receives the rent is liable to pay income tax under the head income from property. However, for the financial year 2020-21, the exemption can be claimed for income from house up to two houses. It is advisable to discuss with a chartered accountant.
If you like my answer, please rate me.
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A.Who has taken the loan and in whose name the property ( land is registered). Whosoever is the owner of the property will be the receiver the income from that property and hence will be liable to pay the tax. But for more clarity it is advisable to to consult a chartered accountant.
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A.Dear Sir,
Please consult any local chartered accountant and get advice from him and you have to discuss with him about all the consequences. He is the expert and on hearing you he may suggest you how to proceed and file your IT returns.
Please consult any local chartered accountant and get advice from him and you have to discuss with him about all the consequences. He is the expert and on hearing you he may suggest you how to proceed and file your IT returns.
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