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.
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lease rent
Replies (2)
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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