Income from renting of house property
This query is : Resolved
13 December 2014
Sirs,
kindly clarify the following:
(1)Is the income from renting of house property taxed straight at applicable slab rate OR is there any other calculation in this regard?
(2) At the time of renting out some security amount is deposited by the tenant. Later, at the time of vacating the house, sometimes the tenant may adjust security deposit as rent for the last months. When should we treat this as income for tax purpose?
kindly clarify the following:
(1)Is the income from renting of house property taxed straight at applicable slab rate OR is there any other calculation in this regard?
(2) At the time of renting out some security amount is deposited by the tenant. Later, at the time of vacating the house, sometimes the tenant may adjust security deposit as rent for the last months. When should we treat this as income for tax purpose?
13 December 2014
01.From the rent received, the municipal taxes may be deducted. A 30% deduction is given for calculating net rent.
02. The year in which the security deposit gets converted to RENT, shall be the time when rent should be considered for taxation.
02. The year in which the security deposit gets converted to RENT, shall be the time when rent should be considered for taxation.
Message likes :
1 times
13 December 2014
Deductions (under section 24) can be claimed.
1. 30% standard deduction.
2. municipal tax.
3. Interest on borrowed fund etc,.
When you adjust the security deposit consider it as income at that time.
1. 30% standard deduction.
2. municipal tax.
3. Interest on borrowed fund etc,.
When you adjust the security deposit consider it as income at that time.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
