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Rental Income

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 August 2010 A property given on rent to the Municipale corporation or local bodies for public utility.

Whether the rental income of that property is exempt form the tax as per the provisions of the Income Tax Act?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
11 August 2010 Rental income received by Municipal corporation is exempt u/s 10 but not income received from them.

So it will be taxable in ur hands.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
11 August 2010 Taxable
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CA. Pradeep Nayak

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CA. Pradeep Nayak (Expert)
11 August 2010 Rental income received is always taxable, no matter whether it was let out for public utility or any other purpose.
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