https://www.taxtmi.com/article/detailed?id=1516 Income from letting of property is taxable under the Direct Tax Code head Income from House Property, which covers buildings and appurtenant land and may include industrial premises. Gross rent is rent received or receivable for periods the property is let; advance receipts and arrears are allocated to the relevant year with a prescribed deduction for arrears. Allowable deductions from gross rent include local taxes paid, a fixed repairs deduction, and interest on qualifying loans, with pre-construction interest spread over instalments. Separate rules apply for self-occupied or not-let properties under a tax-incentive provision with lender and claimant eligibility and a prescribed cap. en-us Thu, 24 Nov 2011 07:38:42 +0530 Thu, 24 Nov 2011 07:38:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1516 Income from letting of property is taxable under the Direct Tax Code head Income from House Property, which covers buildings and appurtenant land and may include industrial premises. Gross rent is rent received or receivable for periods the property is let; advance receipts and arrears are allocated to the relevant year with a prescribed deduction for arrears. Allowable deductions from gross rent include local taxes paid, a fixed repairs deduction, and interest on qualifying loans, with pre-construction interest spread over instalments. Separate rules apply for self-occupied or not-let properties under a tax-incentive provision with lender and claimant eligibility and a prescribed cap. Articles Income Tax Thu, 24 Nov 2011 07:38:42 +0530 https://www.taxtmi.com/article/detailed?id=1516