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how to pay tax
my brother is having commercial as well as Residential properties. Till last year he was working in Gulf nation for 20years. Now he settled down in India completely. He is getting handsome income around 2 lakhs. Does he need to pay the tax. If so, how much he has to pay and How to proceed Pls. guide. Warm regards. Hamdani.
Replies (2)
Yes, if rental income is 2 lakhs PM.
As per slab rate......
You can also claim certain expenses /standard Deductions from the annual aggregate rent (received/receivable) >>
(A) Muncipal taxes paid for the year .
(B) standard deduction of 30% (section 24A).
(C) Deduction (Section 24B )on account of interest on borrowed capital .
formula will be =
X = Annual aggregate rent (received/receivable ) - A .
taxable Rent amount = X - (30% of X + C )
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