Hi...,
Can anyone explain how to compute the individual's income from leased house property.
Say for example,
-> leased residential house property of Rs. 10,00,000/- for 2 years.
My query is..., whether the income should consider based on the rate of interest earned per year as per SBI interest slab rates or Fair Value/Munciple value/Standard rent of the house property even in this case where actual rent is not recieved ...?
Does the individual has only one property or more than one property?
Rent needs to be calculated on the bassi of Fair Municipal valuation based in the locality in whihc the building is being located. The higher of the Fair Municipal valuation or Rent receivable during the year subject to the limit specified in the Standard Rent Act whould be considered.
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