Rental income from sub-leased property
This query is : Open
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.
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.
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?
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
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?
11 January 2014
check the error details and tax computation, then you can come to know
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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