Rent received

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2013 Dear Expert,

For Housewife's received monthly Rent of Rs 50000 for the FY 2012-13. How to calculate Income Tax & Return filling.

Thanks in Advance.

CA Parul Saxena

CA Parul Saxena (Expert)
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07 March 2013 Itr-1 is to be filed....

Sanket

Sanket (Expert)
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07 March 2013 Agree With Expert....
The Rent Income will be etaxable under the head "Income From House Propert".....

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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07 March 2013 Annual value - 6,00,000/-

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

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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07 March 2013 @Sanket,

How could rent received be taxable as income from other sources?

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2013 Thanks Expert for reply.

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.

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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07 March 2013 Tax has already been calculated in above post.
Add- education cess to it (3%)

Reduce Tax Deducted at source from the tax liability

Sanket

Sanket (Expert)
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07 March 2013 Appology Sir... was Wrong... :)

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2013 Thanku so much Surajji,

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.

CA Parul Saxena

CA Parul Saxena (Expert)
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07 March 2013 No the net tax payable would be as follows:-
Tax payable..................22660
(-)Tax deducted at source....xxxxx
Net tax payable.............xxxxx

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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07 March 2013 @Anonymous,

Also consider Muncipal Taxes Paid and Interest on home loan (if any).

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2013 Thanku so much experts.

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