Legal Question in Real Estate Law in India

I leased my flat for 5 years. Am I liable for income tax on the amount leased ? If yes, what is the percentage of lease amount is taxable ? My flat is not on loan now.


Asked on 9/01/12, 1:33 pm

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

03.09.2012

Dear Sir / Madam,

For the present financial year, annual income above Rs. 2,00,000/- for individuals is liable to Income Tax. If your lease income is above this limit, you become liable to pay income tax on the amount leased.

The rate of Income Tax is as prescribed by the Income Tax Act.

For Income Tax purpose, it is immaterial whether your leased flat is on loan or not.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 9/03/12, 7:07 am
Shrichand Nahar S.V.Nahar, Advocate

See provisions of Income Tax Act or Consult a Chartered Accountant.

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Answered on 10/14/12, 9:59 pm


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