Rates of tax on income from property, based on the finance bill, shall be as follows:

Gross Amount of
S. No. Rate of Tax
Rent
Where the gross
1. amount of rent does not Nil
exceed Rs.200,000.
Where the gross
amount of rent exceeds 5 per cent of the
2. Rs.200,000 but does amount exceeding Rs.
not exceed Rs. 200,000.
600,000.
Where the gross
amount of rent exceeds Rs. 20,000 plus 10 per
3. Rs.600,000 but does cent of the amount
not exceed Rs. exceeding Rs. 600,000.
1,000,000.
Where the gross
Rs. 60,000 plus 15 per
amount of rent exceeds
cent of the amount
4. Rs.1,000,000 but does
exceeding Rs.
not exceed Rs.
1,000,000.
2,000,000.
Where the gross
Rs. 210,000 plus 20 per
amount of rent exceeds
cent of the amount
5. Rs.2,000,000 but does
exceeding Rs.
not exceed Rs.
2,000,000.
4,000,000.
Where the gross
Rs. 610,000 plus 25 per
amount of rent exceeds
cent of the amount
6. Rs.4,000,000 but does
exceeding Rs.
not exceed Rs.
4,000,000.
6,000,000.
Where the gross
Rs. 1,110,000 plus 30
amount of rent exceeds
per cent of the amount
7. Rs.6,000,000 but does
exceeding Rs.
not exceed Rs.
6,000,000.
8,000,000.
Rs. 1,710,000 plus 35
Where the gross
per cent of the amount
8. amount of rent exceeds
exceeding Rs.
Rs. 8,000,000.
8,000,000.