MY friend NRI/OCI has been filing IT returns since two to three years. It has been shown as deemed rent since her extended family members were staying there. She has gifted the property after two months from the beginning of the FY2018-19.. Now whether the deemed rent would be for two months or one whole year. IT laws suggest the same rules as let out property.
1 Answers
Hi,
I believe that only two months rental income can be shown as a taxable income as the property is no more in her name for the rest of the FY.
You may kindly check with a CA as well on this!
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