Rent

This query is : Resolved

velu tinku (Querist)
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20 May 2014 I am the owner of my house (Mumbai).i receive the rent from tenant Rs.15000/pm .how much of amount will pay to the government.

please compute and tell the amount with calculation.

Thanks to every one....

Sandeep Dharar

Sandeep Dharar (Expert)
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20 May 2014 Since the limit dosen't cross the limit Mentioned u/s 194I, hence no TDS should b deducted on that.

It will b taxable under Income from House Property.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 May 2014 Dear Velu,

the income under house property shall be Rs 1.8 lakhs. against this income you get 30% flat deduction under section 24. Any municipal taxes paid, interest paid for housing loan can also be claimed.

The net amount arrived after claiming deductions shall be included in your total income and tax is to be paid at the slab rates.

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