House property income
anish
(Querist) 06 December 2011
This query is : Resolved
Sir
I had let out my residential premises in Ahmedabad.For the year 2010 i had received rental income from the same. However from Jan 2011 the property is lying vacant.Am i liable for income tax on said property from Jan 2011 by way of some deemed or notional income? In case property lies vacant till Mar 2012 then for F. Y. 2011-12 there is no rental income for the whole year . What are the tax consequences? Would department consider previous rent income for potential of generating income and tax me at the same income as that in year 2012?
Raj Kumar Makkad
(Expert) 07 December 2011
No. You are not liable for any tax liability for the period wherein you didn't obtained any rental income.
Department has to consider actual income derived out of rental income during current period and it can never be compared to the previous years.
anish
(Querist) 08 December 2011
Thank you, sir. I had put query because i was told house property income is calculated considering potential to generate income and this being my second house i donot get an exemption.
