Payment of tds for house rent.

This query is : Resolved

Joseph (Querist)
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12 July 2014 Hi,

I own a house in Goa which I have given for rent. The amount earned by me is Rs. 40000 for the first quater. Do I have to pay tax for the same? If yes, how do I go about doing so? Is it alright if I declare the same at the end of the year?

Since I'm married here, I fall under the portugese civil code. How do I mention the same on the ITR?

Regards,
Joseph

CA Parul Saxena

CA Parul Saxena (Expert)
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12 July 2014 your total income if exceed Rs.200000 after availing deduction then yes you need to pay tax on Rental Income

Joseph

Joseph (Querist)
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12 July 2014 Hi,

But yearly my income from rent works out to Rs. 1,80,000/-. So it works out to 45000 per quarter. Do I have to file tax for the income I earn per quarter?

Kindly advice.

Regards,
Joseph

CA Parul Saxena

CA Parul Saxena (Expert)
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12 July 2014 Limit of Rs.180000 is for deducting tds it is your responsibility of your tenant to deduct tds. and if the property is let out for residential purpose then no need of deducting tds by your tenant.

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