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Rental income of Ancestral property falls under tax liability or not?
14-Mar-2023 (In Property Law)
Rental income of Ancestral property falls under tax liability or not?
It does , but exemption can be taken if its Hindu undivided family.as rental property can be assumed to be a part of HUF rather than of Individual. Formation of the karta is very basic to idea of HUF for tax benefits you should systematically plan your and family tax policies. These days even a female can act as karta which can give more benefits under income tax act
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For any property, if self acquired or ancestrally acquired, one has to pay property tax to the municipal corporation. With respect to the rental income, you will have to pay tax as it is an income and earning under the Income Tax Act.
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Adv. Manisha Ambwani
Delhi | 100+ Answers
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