swati (hhhhhh) 03 October 2014

Urgent - income from ancestral property?

Great grandfather Mr. A left self acquired property after he died.

He had 6 sons so his property was divided between them. Now out of this property commercial office space came to my husband's family (his father, his elder brother and my husband, no sisters). There is rental income from the office space since last 15 years. It is not seperated yet b'se my FIL is still alive.

I want to know how this rental income is reported as per Income Tax laws. Was my husband supposed to get a share from this rental income every month even if his father is alive and should it have been reported it in his income tax return?

Reply Follow

2 Replies

prakash chandra jain (proprietor.) 03 October 2014

swati ji. the property in the hands of ypur husband as you say is now ancestral property if other heirs are holding in common, form your h.u.f. if not and your husbsnd is holding it himself and if some income accrues from it to him. add this income into the income of husband. if total income is liable to tax, he will have to pay tax on his whole income. he can also deduct what he spends on the maintenance of property -prakash chandra jain advocate indore-09479848437

swati (hhhhhh) 04 October 2014

Thanks Prakashji,

Well the property documents show the name of my Father in law, brother in law & husband. Till date we haven't got any property in our hand and all the income and property is being controlled by BIL alone.

I am note sure if my FIL or BIL are filing returns under HUF or as personal income.

I tried to get the copies of tax returns under RTI act but the information was not provided saying it is confidential and not in public interest.

Originally posted by : prakash chandra jain