Share |

Deemed Owner of House Property


According to Section 27 of Income-tax Act the assessee in following cases is deemed to be the owner of the house property, though not owner of the house property

(i) An individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart or to a minor child not being a married daughter, shall be deemed to the owner of the house property so transferred.

(ii) The holder of an impartible estate shall be deemed to be the individual owner of all the properties comprised in the estate.

(iii) A member of a co-operative society to whom a building or part thereof is allotted or leased under a house building scheme of the society, shall be deemed to be the owner of that building or part thereof.

(iv) A person who is allowed to take or retain possession of any building or part thereof in part performance of contract of the nature refered to in section 53 A of the transfer of property Act, 1882.

(v) A person who acquires any rights (Excluding any rights by way of a lease from month to month or for a period not exceeding one year) in or with respect to any building or part thereof, by virtue of a transfer by way of lease for a term of not less than 12 years as per section 269 UA (f) (whether originally or by extension).

More Topics... @ 'House Property'
Definition & Meaning of the Head ‘ Income from House Property’
 Deemed Owner of House Property
Exempted Incomes From House Property [Section-10]
 Exempted Incomes from Cooperative Society
Annual Value as Calculation of Income from House Property
Determination Of Annual Value Of    House Property
Selection of Annual Rental Value (Gross Annual Value) for Let Out House Property
Deductibility of Taxes Levied by Local Authority (i.e. Municipal taxes) while computing Annual Value of House Property Income [Proviso to Section 23(1)]
Selection of Annual Rental Value for Self-Occupied House Property
DEDUCTIONS U/S - 24 Out of Net Annual Value (NAV) of House Property Income
Treatment of Pre-acquisition/Pre-construction period Interest
Treatment of Unrealised Rent of House Property Income
Get Updated ...
Tally.ERP 9 Book
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Budget 2017-2018 GST (FAQ, Law, Act. Rules, Schedule, Enrollment)

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications