Commercial rent income tax rate & tds

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1 Points Joined May 2017

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.

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On 26 May 2017 at 11:57 Report
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ca
103 Points Joined May 2011
TDS to be deducted @ 10% by the person/company who is paying the rent and based on the total income. As the total TDS deducted will cover the tax amount no need to pay the advance tax.
If the person who took the premises for rent is not deducting TDS then you have to pay advance tax
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On 26 May 2017 at 15:53
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CA
537 Points Joined April 2012

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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On 26 May 2017 at 23:58


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