Deemed Rental on residential land holdings?
This query is : Resolved
26 October 2024
If an individual holds more than 2 residential houses, deemed rental rules apply under Section 22 of ITA. Do the rules apply if the individual holds multiple residential land plots i.e. land only with no construction?
26 October 2024
No. It is applicable for residential houses.
26 October 2024
Thank you for clarifying. Are there any income tax consequences of holding multiple land plots other than reporting the same in Schedule AL if it needs to be filed?
26 October 2024
No other compliance; but in case of any search/scrutiny the source of funds.
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