if rent received by deducting tds which amount should be considered as taxable income?
Gross rent or rent credited after tds?
please advise.
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Income fro house property
Replies (6)
Gross Rent is considered as Taxable under Income Tax
For Example
Entry -01
Rent DR 100
Vendor CR 90
TDS CR 10
Entry -02
Bank Dr 90
Vendor CR 90
its individual assesse
Income from House Property- In this section should i consider Rs.35000/-rent per month or Rs.31500/-rent per month which is actually recd by my employee (Tenant gives him rent by deducting tds Rs.3500/- so amt credit to him.Rs.31500)
| Originally posted by : Rudrayani Shedjale | ||
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its individual assesse Income from House Property- In this section should i consider Rs.35000/-rent per month or Rs.31500/-rent per month which is actually recd by my employee (Tenant gives him rent by deducting tds Rs.3500/- so amt credit to him.Rs.31500) |
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Total Income = 35000*12
Less Standard Deduction 30%
tds of Rs. 3500/-on Rs.35000/- has already been deducted by Tenant. So should i deduct tds on the same again?
Gross Rent should be taken at 35000. You are not supposed to deduct TDS again.
means suppose by taking gross rent as 35000 final tax is coming X amt out of which I should deduct the tds amt already deducted by his tenant?
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