Lease income
This query is : Resolved
21 November 2008
Sir
My husband owns a house at Tiruchi. We stay in Coimbatore. My parents in law were staying in our house at Tiruchi. but now we plant to Lease it out for a period of 11 months. Previously since the propoerty was self occupied, it did not attract tax. But now will this leasing out increase my husband's income tax liablity. If yes, is there any way we can avoid this.
Please give us your valuable suggestion.
Thanking YOu
Sreevidhya
My husband owns a house at Tiruchi. We stay in Coimbatore. My parents in law were staying in our house at Tiruchi. but now we plant to Lease it out for a period of 11 months. Previously since the propoerty was self occupied, it did not attract tax. But now will this leasing out increase my husband's income tax liablity. If yes, is there any way we can avoid this.
Please give us your valuable suggestion.
Thanking YOu
Sreevidhya
21 November 2008
Rental income is taxable. Therfore, your husband's income tax liability will increase.
21 November 2008
You can minimise it by showing less rent or rent equivalent to the annual rent fixed by Trichi Municipality
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