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Leting out of property on lease

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(Querist)
24 November 2009 Mr X has let out a commercial land for lease to a trust and receives rs.1000/- as rental value but actual value is too much, how much will be taxable in his hand and on what basis?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
24 November 2009 U will have to find out the rateable value of the property if leased out and if the same is more then the same could be taxed in your hands but subject to standard rent as per standard rent act
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