Ground rent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2015 What is meaning of Ground Rent under Income from house property? & why it's deductible from gross annul value?

Amol S Joglekar

Amol S Joglekar (Expert)
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14 January 2015 In good old days, especially with respect to plot owners' society, the rent for the plot...called as ground rent used to be paid by the member to the society...
A corresponding deduction is, therefore, given in Income Tax Act.

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Rupesh Jain

Rupesh Jain (Expert)
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14 January 2015 it is not in today, when local corporation, or municipal corp. collet the rent from the owner of the land.
like in open land give to haat bazar then corporation collect the charges from the owner.
and also society collect from the members.

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