one of my friend is having income from let out house property of Rs.1,45,000/-.Now how to calculate taxable income? whether step written in income tax should be followed?
If yes then how to know about 1. Municiple value 2. Fair Market Value
15 April 2012
Yes. need to follow the Income tax rules. find out the Municipal value, Fair value, Actual rent received & any Standard rent control act is applicable all this areas has to be find out.
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