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"Income from house property " this is the term used for the income that is derived from renting out a property. The Annual value will be subject to taxation after allowing deductions for (a) 30% of annual value (b) interest payable on borrowed capital for acquisition of property. Annual value is higher of (i) Actual rent received/ receivable or (ii) fair rent of the property. If the property is let out as a complete business centre wherein the purpose is to provide a composite service of providing fully furnished infrastructure for commercial use, the income will be taxed as business income. TDS would have to be deducted from Rental income. |
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