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Ramamoorthy (Querist)

07 August 2014 A Assessee lease house property for the term of 5 years and receive amount of 800000 as advance it will be return to the tenant at the end of the 5th year. He (Assessee) Not receiving any amount as a monthly rent from tenant . The assessee give the 800000 as loan to the outsider and receiving 9000 as interest for the loan
how the income of HP income & Interest income for the purpose incomtax

CA SUNIL K GARG

CA SUNIL K GARG (Expert)

07 August 2014 according to me, fair rent or annual rental value of the property will be taxable under income from house property and interest recd will be taxable under income from other sources

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Ramamoorthy

Ramamoorthy (Querist)

07 August 2014 First of all thank very much for your valuable reply

sir(Mr.CA SUNIL K GARG) i have one doubt in your answer. if i follow your answer there may be a chance to over tax burden or double taxation because the assessee not receiving any rent. Then how can tax on Fair rent house property income and also interest income as other source

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