i have a property which i put on lease for 999 years for RS. 199800/-( annual income Rs.200/-) and also got a sum of Rs. 900000/- as lease premium now is that income from lease rent taxable income or this income is tax free plz give reffering for any case laws supporting your answer.
Yes... entire amount is taxable on receipt basis... I think payer has dedcuted TDS from it & given it you...
Dear Rahul,
Annual Income as well as Lease Premium both are taxable...
Lease premium will be taxable in the first year itself...
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