Q:I am staying here in a 1bhk flat and was planning to buy a second house as my family is going to shift to Delhi very soon. So I want to give my first house for rent but I am worried about the tax implications. Please advice what to do.
Latest Answer: The experts says that it is always better to buy a second house. Apart from financial commitment the second property can mean a lot in terms of tax and loan implications. The rental incoming coming from your first house will be considered a business income and would have to be considered while computing income tax.
