Rent received
Querist : Anonymous
For Housewife's received monthly Rent of Rs 50000 for the FY 2012-13. How to calculate Income Tax & Return filling.
Thanks in Advance.
The Rent Income will be etaxable under the head "Income From House Propert".....
Less- Municipal Taxes - 0/- (since you have not provided details)
Net Annual Value - 6 lakhs
Deductions -
30% standard deduction - 1.8 lakhs
Interest - Nil (No details)
Income from house property - 4,20,000/-
Tax Payable - (4.2 lakhs - 2 lakhs)*10% = 22,000/-
Add Education Cess @3% to get the total tax liability
How could rent received be taxable as income from other sources?
Querist : Anonymous
How to calculate Tax, pl give one example
Suppose Rent Recd Rs.50,000 X 12 months 6,00,000 /- (Already Tax deducted every month from Flat Owner as per IT Rules).
Pl reply. Thanks.
Add- education cess to it (3%)
Reduce Tax Deducted at source from the tax liability
Querist : Anonymous
As per your example Rs 22060 Tax payable.
Every month Owners Tax deducted from Rent. Can i considered the above Tax my annual income.
Pl reply.
Thanks.
Tax payable..................22660
(-)Tax deducted at source....xxxxx
Net tax payable.............xxxxx
Also consider Muncipal Taxes Paid and Interest on home loan (if any).
Querist : Anonymous
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