Can anyone please tell meaning if 'ground rent' in simple language
9 Replies
Piyush Sindwani
(96 Points)
Replied 22 November 2017
does it have different meaning in respect of different things...?
Tarun Kumar Madaan
(Practitioner)
(4660 Points)
Replied 22 November 2017
HIndi meaning as per google is भूमि किराया
Do you have query for some specific case?
Piyush Sindwani
(96 Points)
Replied 22 November 2017
I have read it in one question of income tax act.
himanshu gumber
(45 Points)
Replied 22 November 2017
Its like Normal Rent... Covered in House Property
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 22 November 2017
If ground is given on rent than it will be treated as other sources or PGBD but not as house property because there is no building
Tarun Kumar Madaan
(Practitioner)
(4660 Points)
Replied 22 November 2017
Any income, arising out of vacant land, is not covered under the head house property even though it may be received as rent, ground rent or lease rent. Such income would be assessable as income from other sources. Even rent, arising out of open spaces, or quarry rent, is taxed as income from other sources.
srinivas kannanv
(24 Points)
Replied 22 November 2017
rent paid under the terms of a lease by the owner of a building to the owner of the land on which it is built.
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