23:31
Asif Usman
INCOME FROM HOUSE PROPERTY
Under the head income from property rent is the second important source of income. The rent received or receivable is chargeable to tax.
Explanation:
Rent:
The amount received or receivable by the owner of land or building for it use.the amount of rent shall not be less then the fair market rent.
Land:
It means plot used for storing materials or temporary huts.
Building;
It is made of stone or bricks which is covered by roof.
Fair market rent:
It is the amount of rent which is determined on the basis of a rent fetched by similar property in the similar locality.
PROPERTY
Any land or building which is constructed is called property.
Under the head income from property rent is the second important source of income. The rent received or receivable is chargeable to tax.
Explanation:
Rent:
The amount received or receivable by the owner of land or building for it use.the amount of rent shall not be less then the fair market rent.
Land:
It means plot used for storing materials or temporary huts.
Building;
It is made of stone or bricks which is covered by roof.
Fair market rent:
It is the amount of rent which is determined on the basis of a rent fetched by similar property in the similar locality.
PROPERTY
Any land or building which is constructed is called property.
9c
ReplyDelete