Q. Mr. Vinay is an IT associate pursuing online MBA program. He buys a house property in the Mumbai suburbs and gave this house property on rent to his friend for the previous year. His friend, Ramesh wants to start his own consultancy in the said apartment and agreed him to pay rent for 12 months @Rs50000 per month. Discuss, in the light of the relevant provisions of Indian Income Tax, what are the various instances under which the income from such house property would be and would not be assessed to tax. Further, in the above case discuss the tax treatment for rental incomes in the hands of Mr. Vinay if any.

Note: Please answer this in 900 words. in below format

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