Lease income
This query is : Resolved
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
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
21 November 2008
Rental income is taxable. Therfore, your husband's income tax liability will increase.
21 November 2008
You can minimise it by showing less rent or rent equivalent to the annual rent fixed by Trichi Municipality
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
