House property income

This query is : Resolved

arunprusty (Querist)
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13 June 2014 I have given on lease my house property for one year with deposits of Rs 5 lakh which will be refunded to the tenant after one year.Interest on loan rs 50,000 pa
There is no rental income apart from interest free deposit from tenant.
Kindly tell me the taxability income of this property:

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 well since the property is let out, the expected rent (higher of fair rent or standard rent) should be considered as gross annual value taxable under income from house property.

the interest earned on FD should be taxed under "income from other sources"

having said that if this is the only property owned by landlord, he shall still be able to show it as self-occupied property and offer only interest income to tax under "income from other sources"