From april 2016 i am getting flat rent by tenant of Rs 12000. we made register agreement. flat is new getting possession in dec 2015. we are flat taking on loan. and my salary gross 10 lac. rent receiving of rs 12000/-. pm monthly maintenance of rs 2500/- pm before giving flat on rent we made expenses like 4 siilng fan, 4 tube light, 1 electric greaser
so shall i have to pay tax on rented income ? and how much and how to show in income tax return ? please guide me
07 May 2016
Amit, u need to show house property income in your ITR and require to pay tax. You will get the deduction of flat 30% on house property income. And given expenses are of Capital Nature needs to add in the flat furniture/ electric equipment cost.
CAclubindia
