Income from leased property

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When leasing out a property, you need to declare income from house property. This includes the gross annual value of the property. Additionally, any interest earned on the lease deposit should be declared as income from house property, especially if no rent is being paid. If the lease deposit is used to repay a housing loan, you may still need to declare certain amounts as income.

B.CHANDRA SEKHAR

B.CHANDRA SEKHAR (Querist)
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12 March 2021 if some one leased the house property, then what income to be declared with regard to the income from house property and with regard to the interest earned on lease deposit.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 March 2021 Yes, declare interest earned on lease deposit as income from house property if no rent is paid.

B.CHANDRA SEKHAR

B.CHANDRA SEKHAR (Querist)
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13 March 2021 1.HOW TO CONVINCE THE INCOME TAX DEPARTMENT, WITH REGARD TO INCOME FROM HOUSE PROPERTY PARTICULARLY WRT. TO THE GROSS ANNUAL VALUE SUBJECT. 2. IN CASE THE LEASE DEPOSIT IS USED TO PAY THE HOUSING LOAN, WHETHER ANY THING NEED TO BE DECLARED AS INCOME.