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House property query
Direct Taxation
4 houses in one building is considered as one house property or 4 house property ??
Answers (10)
M Narendra
Considered as 1 house property having 4 units or portions
What about independent flats or apartment in one building ??
I think it has to be understood with ownership of the property. I.e,four storey building is owned by single person then it should be one house property,if it is owned by more than one then it will be different house property. In a building of Flat or apartment,there is divided into various sizes of house property as we say [2 BHK,3 BHK]so if owning more than one apartment or house property is treated as one house property or not is matter to get answer to me also.
Pranav Connecting...
I think it has to be understood with ownership of the property. I.e,four storey building is owned by single person then it should be one house property,if it is owned by more than one then it will be different house property. In a building of Flat or apartment,there is divided into various sizes of house property as we say [2 BHK,3 BHK]so if owning more than one apartment or house property is treated as one house property or not is matter to get answer to me also.
The decision also depends on facts and circumstances of each case. There are a lot of court decisions in this regard.
In the case of CIT vs. Raman Kumar Suri (2013) 212 Taxman 411 (Bom), wherein the Honâ??ble High Court upholding the order of the Tribunal had concluded that where the assessee had acquired one residential house consisting of two flats, it cannot be said that the assessee had purchased two residential houses.
Pranav Connecting...
I think it has to be understood with ownership of the property. I.e,four storey building is owned by single person then it should be one house property,if it is owned by more than one then it will be different house property. In a building of Flat or apartment,there is divided into various sizes of house property as we say [2 BHK,3 BHK]so if owning more than one apartment or house property is treated as one house property or not is matter to get answer to me also.
If two flats purchased are adjacent and are used for residential purpose, it could be construed as 1 house property.
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