wanted to know what would be the income tax treatment for that.
For example let us assume that he has given his house on rent on heavy
deposit of Rs.10 Lacs and paid the home loan subsequently.
Does he has to consider this Rs.10 Lacs as an income?.If Yes then under which income head it should be shown and if No then under which section it should shown as exemted.
Thank you so much in advance.
Will be waiting for you reply.
Thanks & Regards