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| *Ostroff, Fair and Company>>>India Taxes |
I have one flat if i buy adjacent flat now and join, will this be treated as separate property? |
I purchased one flat last year and i am self occupying the flat.Now I wish to buy adjacent flat and join both the flats for personal use. As per the income tax law , will this be treated as additional housing property? can I get income tax benefits on both the flats together. I think it will be treated as separate property because in the land catalogue, the two flats will still be marked with two identity numbers. yeah it is still separate properties because the under the land records both are separate properties, in the municipality record there must be mutation as separate property and even registration of the property every where is separate. I do not think that you will get benefits under I T ACt because under I T Act the benefit is allowed on only one self occupied residential property. In case some body on account of occupation can not live in his residence, he can avail the benefit for the second home at the place of occupation. Your case is not among them belive me even i have 2 houses interconnected.....and it will be treated as separate property... |
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