I am not the owner of the land on which I have constructed the house. But as per municipal records, the house is in my name. Is the income taxable in my hands?

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• I have transferred my house property to my minor child who is not married. In whose hands will the income from the house property be taxed?

  As per section 27(i) of the IT Act, you shall be the owner of the house property and hence the income shall be taxed in your hands.

• I have transferred my house property to my spouse as per the terms of the agreement of living separately from each other. In whose hands will the income from the house property be taxed?

  As per section 27(i) of the IT Act, your spouse shall be the owner of the house property and hence the income shall be taxed in her/his hands, since the property stands transferred in connection with an agreement to live apart.

• My spouse and I jointly own a house in which both of us have invested equally from individual and independent sources. Can we split the rental income received between the two of us to be taxed in individual hands?

  Yes, Rental Income received by each co-owner can be taxed proportionately and taxed in the hands of both independently as per your share in the said property.

• I have transferred my house property to my spouse through a gift. We are living together and not separated. In whose hands will income from the house property be taxed?

  In such a case, you shall be the owner of the house property and hence the income shall be taxed in your hands. (Section 27(i) of the I T Act)

• How is income from a house property as per the Income tax Act different from the ‘rental income’ received from house property?

  The rental income is received by a person against renting out of his property. The computation of income from house property is NOT solely dependent on this rental income. If you are not receiving rental income, it does not mean that the House ...