I have a commercial property which was let out for Rs.20000 per month. For the entire last financial year it was vacant. The municipal tax paid is Rs.50000 for last financial year.
As the property was under complete renovation and not suitable for occupation for the entire year, can the rent be nil and hence no income tax payable?
If not what is the notional rent and income tax payable in this case.
CAclubindia
