Interest > 20 Lakhs

Save Share

This query is : Resolved

Quick Summary

If your interest income from Fixed Deposits surpasses £20 Lakhs and you also have rental income of around £5 Lakhs, you might be wondering about specific tax rules. For residential property rentals, no additional GST registration is typically required. However, if the property is used for commercial purposes, GST registration may be necessary.

RAJANNA K V

RAJANNA K V (Querist)
Follow

15 August 2022 Dear Sir,
I request you to kindly clarify below points. I have income from house rent and interest from FDs. My interest income may exceed 20 lakhs and house rent may be around 5 lakhs. I would like to know is there any other tax rules I should follow if my income from interest is more than 20 lakhs. Please clarify.

Regards,
Rajanna

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

16 August 2022 No such compliance, till there is no business activity.

RAJANNA K V

RAJANNA K V (Querist)
Follow

16 August 2022 Is it required to register for GST if my income from house rent and interest income exceeds 20 Lakhs. Please help me to clarify.

Rgds
Rajanna
Bangalore

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

16 August 2022 If the house rented for residential purpose, then no.
Otherwise Yes...

Message likes : 1 times

RAJANNA K V

RAJANNA K V (Querist)
Follow

16 August 2022 Dear sir,
Thank you very much. My house is rented for residential purpose only.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

16 August 2022 Good Luck ..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now