Hi,
How to treat a lease amount received under the head Income from House Property. For example, A person who has around 3 buildings consisting of 3 independent houses. Assuming 1 is self occupied, 1 is let out and another is leased out say for Rs. 5 Lacs. Calculations are clear for the first 2 houses, but how to go about a house which is leased out. Kindly help in this regard.
Can u provide the duration of lease???
Otherwise divide Rs. 5,00,000 with the tenure of lease in months. By this way you will get monthly lease amount and accordingly calculate the income from house property.
Say lease period is 3 years.....
If lease period is 3 year i.e. 36 months, then monthly rent amount will be 5,00,000/36 = Rs. 13,889 (app). So do the calculation according to Rs. 13,889 pm.
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