Income tax on income from house property

sheela (Querist) 26 May 2013 This query is : Resolved
1. Is it true one is not liable to pay income tax on rent if one owns only one house property.

2. Whose responsibility, i.e. tenant or landlord, is it to get the rent lease deed registered.

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Anirudh (Expert) 26 May 2013
1. That is not true.
2. There is no such fixed responsibility. Unless both visit the office of registrar and get the lease deed registered it will never get registered. Further, who will suffer in case there is an unregistered deed will dictate as to who will take the interest.

ashutosh mishra (Expert) 26 May 2013
IF IT IS MAHARASTRA AND IT IS LEAVE AND LICENCE THE DUTY IS ESPECIALLY CASTED ON LAND LORD.

Raj Kumar Makkad (Expert) 26 May 2013
Rental income is duly taxable and responsibility for the registration of leave and license is upon both parties jointly as it shall serve the interest of both, however, the expenses are to be borne by tenant.

sheela (Querist) 27 May 2013
Thanks a lot, gentlemen, for your prompt replies. God bless you all.

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