VIKAS SINGHAL
186
Sir,
I have a house & want to give it on lease / rent to bank but and they are asking me to sign some lease document. Being a tax payer salaried person I want to now what are the conditions I should look / settle down while signing the document to reduce my income tax load. i.e. service tax / maintenence expenses, etc. Regards,
I don't think there would be any specific details which would impact your income tax outgo.
Lease document would have tenure, rent fixed, increase percent in case of renew, security and other conditions.
Income from such rental (whatever you get) would be added to your taxable income and taxed as per slab rates (under income from house property) after deduction of 30% for maintenance and paid house tax.
