Income from house rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 May 2016
As per Income tax rules "30% of total House rent earned" + "Property tax paid by owner" is exempted from payment of Income tax in India.
In case of cities where house is actually a Flat in a co-operative housing society, please advise if "Society charges + Parking charges for tenant's car", paid to society by Flat owner is also exempted over and above 30% of Rent received from tenant by flat owner.
In case of cities where house is actually a Flat in a co-operative housing society, please advise if "Society charges + Parking charges for tenant's car", paid to society by Flat owner is also exempted over and above 30% of Rent received from tenant by flat owner.
16 May 2016
no, its only muinicipal tax, which charge by state municipal authority on the flat/house/etc.
17 May 2016
Society charges and parking charges are not allowed to deduct from rent may be because the exchequer might have considered it as an 'application of income' and not an 'expenditure incurred to earn the income'.
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