Rental Income
This query is : Resolved
Querist : Anonymous
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?
Whether the rental income of that property is exempt form the tax as per the provisions of the Income Tax Act?
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.
So it will be taxable in ur hands.
11 August 2010
Taxable
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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