POSTED BY December 4, 2013 2:22 pm COMMENTS (13)ON
I want to buy a second apartment to house my parents there. Hence, I will not be getting any rent from that apartment.
However, I heard that I am supposed to pay tax on notional-rent (whether I actually get any rent or not). I want to know
1. How is the notional rent determined?
2. Is there any way to avoid the tax outgo for the notional rent by proving in some manner that I am not getting any rent?