I would like to know the Tax rate for the shop / commercial rental income. My dad is a senior citizen and he receives that rent in my hometown. How much will be tax to be paid for the Rs. 45k rental income per month and he gets pension of Rs. 15k monthly? Total 60k per month.
Anyone please share the tax to be paid for the commercial rental income and is it applicable to deduct the TDS under GST or service tax? Please clarfy.
Tax will have to be paid on total income of 7,20,000 as per applicable tax slab rate for senior citizens.
As correctly said by Mr. siva sai, TDS will have to be deducted by person paying the rent @ 10%.
However advance tax liability is not applicable for senior citizens not having any business income.
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