If i am earning some rent form my property for eg. 19000 pm & at the same time i am staying in a rented place paying rent of rs. 29000 pm so how will be the calculation of rent income & expense? can i claim such rent expense against rent income?
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Income from house property
Replies (5)
no u cant claim rent expense against income
No Ms. Mehta, You Can't..
Rent received is part of income and is to be calculated under the head House property.
for Rent payment you don't have any solution left. You could claim 80GG if you don't own any other House.
Rent received is part of income and is to be calculated under the head House property.
for Rent payment you don't have any solution left. You could claim 80GG if you don't own any other House.
Thanks for the help.
Ms. Mehta,
If you don't have any other income then Rent Income is Exempt as the total rent per annum is less then basic exemption.
If you don't have any other income then Rent Income is Exempt as the total rent per annum is less then basic exemption.
opgoyal
yr HP income of 19000- on - minus 30 percent thereof is taxable as HProp. income
u can claim HRent 29000 pm paid as HRent allwance u/s 13 A it act sub to conditions . read s 13 a of it act PL.
yr HP income of 19000- on - minus 30 percent thereof is taxable as HProp. income
u can claim HRent 29000 pm paid as HRent allwance u/s 13 A it act sub to conditions . read s 13 a of it act PL.
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