A salaried person receiving rental income deducted with tds

The rental income received will not be taxed twice. 

The rental income recd shud be at Gross Amount.  From that the various deductions shall be deducted & the Net income will be added in the total income of the assesse.  AFter computing the tax liability, the amount of TDS made from salary as well as from Rental INcome will be reduced from the tax liability & the balance liability if any remaining after adjusting TDS will ahve to paid by the assessee.

The tax liability & credit for TDS would be calculated as follows:

This is O K,You will not pay TDS twice. All these deductions in rent you will get on puting gross amount in rental income.

Originally posted by : O.D.SHARMA
	This is O K,You will not pay TDS twice. All these deductions in rent you will get on puting gross amount in rental income.

Thanks for confirming. So, when would the TDS certificate be given?  Is this to be filed with IT return?

Companies asks for Proof of Investment before March to complete the process.

Possible to get the TDS from company for the financial year (FY12-13)?

Thanks

Soundar

when company has deducted tax , then he will issue certificate pretaining to the year of deduction only, usually under rent income, no investment is allowed(form 16A), but from salary chapter VIA deductions are allowed, furnish the same to your employer and get form 16.

Hi,

TDS deduction ,You can ask for quarterly form 16.Salary 16A will be having your investment.You have to do that & submit before FY end.

Thx

Thanks all for the reply.

One last clarification...

On TDS, the deduction is at 10.5% - But, when the gross rental income is added to the income, according to my slab (> 5L category), the tax is charged at the rate of 30%

I understand as the TDS will be deducted from Tax payable head but it is kept as ~10% to serve different level (or) slab based tax deduction. Is that right?

So, the balance 20% of Tax is deducted from tax payer - is this right?

Thanks

Soundar