9. Income from Property under Section 15A, Section 1, Clause (d) Explained - ITO 2001

15A(1)(d) any ground rent paid or payable by the person in the year in respect of the property. Deduction allowed for ground rent paid or payable during the year. Applies only to rent relating to the property. Reduces taxable property income under Income from Property. Covers both paid and accrued amounts. Helps reflect true net income from property. Ground Rent: A regular payment made by a tenant to the owner of the land (the “ground”) on which a building is constructed. Compensates the landowner for use of the land itself, separate from the building on it. Building Rent: Payment for using the structure. Ground Rent: Payment for using the land under the structure.