Income from property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2016
Hello..
Does it is mandatory show Rent income of vacant properties ?
My balance sheet show 3 Residential House and 4 Plot.
My consultant said me that I must show Rent income from 2 Residential House and Plots which is not given on Rent so no actual income from properties so how can is show income
Kindly suggest me..
Thanks..
Does it is mandatory show Rent income of vacant properties ?
My balance sheet show 3 Residential House and 4 Plot.
My consultant said me that I must show Rent income from 2 Residential House and Plots which is not given on Rent so no actual income from properties so how can is show income
Kindly suggest me..
Thanks..
22 April 2016
Out of 3 residential house you have the option to select any one of them as self occupied and notional rental income will have to be shown for remaining two residential house even if they have not been rented actually.Out of that notional rental income you will get standard deduction of 30% as repairs and interest on borrowed capital if any.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 April 2016
Thanks sir...n plot rental income also necessary to show...?
23 April 2016
No not necessary to show plot rental income as it applies only in case of residential house property.
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