Deemed ownership rules specify who counts as owner for house-property income, covering transfers, allotments, possession, and certain rights. Section 27 deems certain persons to be the owner of house property for income-from-house-property purposes: a transferor who transfers without adequate ... Summary
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Deemed ownership rules specify who counts as owner for house-property income, covering transfers, allotments, possession, and certain rights.
Section 27 deems certain persons to be the owner of house property for income-from-house-property purposes: a transferor who transfers without adequate consideration to spouse (except transfers connected with living apart) or to an unmarried minor child; the holder of an impartible estate; an allottee or lessee under a house building scheme; a person in possession under part performance of a contract; and a person acquiring rights by specified transactions (excluding short-term leases). Taxes by a local authority include service taxes.
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