Income from property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2016 Hello..

Does it is mandatory show Rent income of vacant properties ?

My balance sheet show 3 Residential House and 4 Plot.

My consultant said me that I must show Rent income from 2 Residential House and Plots which is not given on Rent so no actual income from properties so how can is show income

Kindly suggest me..

Thanks..

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

22 April 2016 Out of 3 residential house you have the option to select any one of them as self occupied and notional rental income will have to be shown for remaining two residential house even if they have not been rented actually.Out of that notional rental income you will get standard deduction of 30% as repairs and interest on borrowed capital if any.

Querist : Anonymous

Querist : Anonymous (Querist)

22 April 2016 Thanks sir...n plot rental income also necessary to show...?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

23 April 2016 No not necessary to show plot rental income as it applies only in case of residential house property.

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