Regarding Rent Income

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies tax liabilities on commercial rent income. If rent is your sole income and below £20 lakh (approx.), neither GST nor income tax may apply. However, if you are a registered manufacturer, GST is applicable on commercial rental income regardless of the amount, and income tax will also be due.

JIGNESH

JIGNESH (Querist)

04 December 2020 Sir, I has been received rent income (commercial) 1,80,000/- in year. Then any tax liability in this income ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 December 2020 If this is the only income no GST or income tax applicable.

Message likes : 1 times

JIGNESH

JIGNESH (Querist)

17 January 2021 Sir, in this I am also manufacture, than any condition or any tax liability on rent income Rs. 1,80,000/-

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 January 2021 If you are registered under GST then GST applicable on such commercial rental income. Income tax also applicable.

JIGNESH

JIGNESH (Querist)

20 January 2021 Sir, some confusion in this matter.
https://economictimes.indiatimes.com/news/economy/policy/rental-income-beyond-rs-20-lakh-to-attract-gst-says-hasmukh-adhia/articleshow/59539708.cms?from=mdr

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 January 2021 You are a manufacturer already paying GST for you the limit of 20 lacs not applicable.

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