Impact of rent recieved

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yogesh sheth

director

53 Points Posted on 24 April 2018

Respected Seniors,

I have purchased a commercial property in my name and my wife's name Jointly and the cost is borned by both of us equally. We are intending to rent it out the same @ 60000/- per month. Now my questions are:

1) Can we issue rent bill separately for 50% of the rent and recieve the same separately.

2) Will the tenant will be liable to TDS as he is paying below the specified amount per person.(50000 per month)

3) We will be showing Rs 360000/- from rent income in our individual IT return -Can we claim any other deduction from it.

Awaiting any early response and Thanking in advance.

Regards

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121521 Points Posted on 24 April 2018

1) Can we issue rent bill separately for 50% of the rent and recieve the same separately.

Ans. No need......... Agreement is also single, but in joint name!!

2) Will the tenant will be liable to TDS as he is paying below the specified amount per person.(50000 per month)

Ans. He is liable to deduct TDS.

3) We will be showing Rs 360000/- from rent income in our individual IT return -Can we claim any other deduction from it.

Ans.You are eligible for 30% standard deduction u/s. 24(1) of IT act.

CA KANJ GOEL

OWNER

1058 Points Posted on 24 April 2018

1 yes you can
2 he will be liable to deduct tax as he is paying rent exceeding 180000 per annum 50000 per month is applicable on residential property but commercial property.
3 you may avail standard deduction under section 24.
regards
Kanj Goel