Rental income from sub-leased property

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Prince (Querist)
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07 January 2014 I have a leased property on which I am paying a rent of Rs. 5000/- However I am not using the property and have sub-let the property. I am getting Rs. 11000/- from the rental income. How do i file it in my IT? Under what head do I show the income? What is the amount for which I should file IT, i.e., for Rs. 11000/- or Rs. 6000/- (11-5)k.? Please advice.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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07 January 2014 Under the business income you can show this as you take properties on lease and give it on lease is your business.

Prince

Prince (Querist)
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07 January 2014 However it is not my business as I am a salaried employee. Its just an additional source of income. So how can I show it as business?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 January 2014 Income from sublet will be taxed under Income from Other sources u/s.56(1). the actual rent paid to house owner can be claimed related expenses

Prince

Prince (Querist)
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11 January 2014 I have got a letter from the ITO of my Ward, Kolkata stating that there is some error in the IT i have filed. I had put the income as "Income from other sources". I am not sure what changes I need to make?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 January 2014 check the error details and tax computation, then you can come to know

Prince

Prince (Querist)
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28 January 2014 That is the whole problem, I am not sure about the error. How do i get that? I did not even get an email from CPC

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