I own a property that I have not given on rent. It is vacant and I don’t earn income from this property? Can there be a taxable income from such property?
Yes. As per the Income tax law,
if there is a property, there will be income. This income may be NIL or
negative or positive. But there shall be income computed as per the applicable
provisions. This may result in NIL income or loss or taxable positive income. Based
on this principle, the taxation of house property is different for ‘Self
Occupied Property’, ‘Vacant Property’ and ‘Let out Property’.
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