A 2 or 3 BHK flat in a Non-Metro City ( Pune or Bangalore or Hyderabad ). How does one go about calculating the potential income that the property is capable of generating ?
Is it true that if the property is vacant, the potential income will be treated as the income ?
What if it is let out at 2000 / month ( an extremely low rental, given the general market ) ? Who / How will someone decide if the rental income is lower than / higher than the potential income ? What are the tax implications if a house is indeed let out for less than or more than the market rate ?
Regards
CAclubindia
