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Lease income

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(Querist)
21 November 2008 Sir

My husband owns a house at Tiruchi. We stay in Coimbatore. My parents in law were staying in our house at Tiruchi. but now we plant to Lease it out for a period of 11 months. Previously since the propoerty was self occupied, it did not attract tax. But now will this leasing out increase my husband's income tax liablity. If yes, is there any way we can avoid this.

Please give us your valuable suggestion.

Thanking YOu

Sreevidhya
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 November 2008 Rental income is taxable. Therfore, your husband's income tax liability will increase.
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Taxguy

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Taxguy (Expert)
21 November 2008 You can minimise it by showing less rent or rent equivalent to the annual rent fixed by Trichi Municipality
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