Legal Question in Real Estate Law in India

How is the income tax for lease income from house property is calculated ? Say for example, a house property is leased for 15 lakhs for 5 years. what is the income tax /year in this case ? (for both cases, 1) with loan from bank 2) without loan from bank for the property leased) . And, what if I invested that 15 lakhs for purchasing a land, Is there any tax deductions ? Also, who is responsible for filing taxes in the case of NRI as house owner, Is it a tenant's responsibility Or owner's responsibility ?

Asked on 9/04/12, 5:14 pm

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you may ask these questions to your chartered accountant.

Answered on 9/04/12, 8:47 pm

Shrichand Nahar S.V.Nahar, Advocate

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Post it in appropriate forum like taxation etc.

Answered on 10/15/12, 2:23 am

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