Is there any tax levied by municipal corporation or any state authority on rental income recieved by the house owner?
RAMESH BOHRA
(Accountant)
(51 Points)
Replied 02 July 2013
| Originally posted by : Swapnil | ||
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Is there any tax levied by municipal corporation or any state authority on rental income recieved by the house owner? |
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No there is no tax levied by any authority on rent income. Only registartaion of leave & licence agreement is cumplsory after paying required stamp duty. (For Maharashtra state)
Ankit Agarwal
(Chartered Accountant)
(35 Points)
Replied 03 July 2013
There is no levy of any taxes by state or municipal corporation on any rental income. But the rate of property tax differs on rented property. Municipal Corporations charges higher property tax from rented property.
Mihir
(Wealth Manager)
(5293 Points)
Replied 03 July 2013
Just the property tax and water tax is levied. In most cases, it is levied to the society, and the taxes is paid by the home owner in the monthly or quarterly society maintenance bills.
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