Tax on long term lease on residential property
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2017
I am thinking of letting out my residential property on a long term lease for 50 lakhs (property value 1.8Cr). The lease period will be for 5 years. The amount will be returned back after the lease period.
The monthly rental for this property in the market is 40K. I am planning to invest this amount in my business.
How should I file my tax returns to reflect this lease agreement and how to calculate my tax liability for the same.
The monthly rental for this property in the market is 40K. I am planning to invest this amount in my business.
How should I file my tax returns to reflect this lease agreement and how to calculate my tax liability for the same.
CA Rashmi Gandhi
(Expert)
17 September 2017
For this it is advisable to contact personally with near by CA who is going to handle your case
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