Owner means the legal owner of a house property i.e. the person in whose name the property stands & who is chargeable to tax in respect of property income.

Sec 27 of the Income Tax Act, 1961, enumerates the cases where a person shall be the deemed owner of the House-Property, even though the legal owner is some other person. Accordingly, the following persons shall be deemed to be the owners of the house property & income from House Property shall be chargeable to tax in the hands of deemed owner.

So, here Taxmantra has brought the list of persons who will be deemed to be the owners of the house property:

• An individual, who transfers his house property otherwise than for adequate consideration either to his or her spouse (not being in connection with an agreement to live apart) or to his minor child (not being a married daughter), then the transferor shall be regarded as the owner of the property.
• The holder of the impartible estate shall be deemed to be the individual owner of all the properties comprised in the estate.
• A member of a co-operative society, company or AOPs, to whom a building or a part thereof is allotted/ leased under a house building scheme is treated as deemed owner of such property.
• A person, who is allowed to take or retain possession of any building or part thereof in part performance of a contract within the meaning of Section 53A of the Transfer of Property Act , shall be deemed to be the owner of that building or part thereof.
• If lease is for 12 years or more then the lessee shall be deemed to be the owner of the property.

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