Mr.A ,a salaried person, resides in a rented house and avails the benefit of HRA u/s 10(13A). He owns one plot in other city and lets this plot to Mr.B for doing his business. Mr.A receives Rs.20000/- p.m.as rent from Mr.B. What is the tax implication of the proceedings received in the hands of Mr.A ?
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Rental income of plot
Replies (1)
Fist of all plot of land should not be considered as house property and hence the income earned from leting the plot is not a house property income , he must show the income under the head "other sources" and yes he can avail the benifit of HRA as he doesnt own any residential property where he is working. He must fill ITR 1 and normal slab will be applicable on him.
Thanks and regrads
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