Rental Income more than Rs.10 lakh p.a

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This query is : Resolved

Sakshi kumar (Querist)

05 April 2011 If an individual has provided her House property on Rent for Commercial purpose and is earning more than Rs. 10Lakh as rental Income,then what taxes(direct & Indirect) she is liable to pay apart from Income Tax??

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)

18 April 2011 There being Rental Income, Direct tax ie Income TAx is liable to be paid on house property income. and TDS deducted by tenant should be adjusted.

And as gross receipts exceeded 10 lacs during the year, person have to obtain Service tax no. and pay service tax within time along with service tax return.

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CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)

19 April 2011 She is required to get registered with service tax authorities and then she will be required to pay service tax thereon. She can collect service tax from her tenant as well

Sakshi kumar

Sakshi kumar (Querist)

19 April 2011 How can she claim it from her tenants??

Nayan Das

Nayan Das (Expert)

28 April 2011 Rental Income, Direct tax ie Income Tax is liable to be paid on house property income. and TDS deducted by tenant should be adjusted.
And as gross receipts exceeded 10 lacs during the year, person have to obtain Service tax no. and pay service tax within time along with service tax return.

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