I have rented my house for this i am getting rent every month . i am receving rent through bank account . i shown this income in my incometax every year , due to Covid 19 . i totally discounted two months rent for my Tenant , my doubt is can i less that discounted rented amounted in my income tax or i want to show 12 months rent in my income tax for this year . kindly answer
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Income Tax for rented property
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Yes... You can less the discount rent in Your ITR.
Which section allows such deduction??
Actual rent can be reduced only in one scenario i.e. if property remain vacant. Under this situation property is occupied by the tenant.
Actual rent can be reduced only in one scenario i.e. if property remain vacant. Under this situation property is occupied by the tenant.
No you can not get the Benefit of the Discount in Rent.. No such provisions enacted as Financial Measure by Ministry of Finance due to COVID-19.. You have to pay Tax for Full Year..
Expected Rent or Actual Rent whichever is HIGHER shall be taken for the purpose of computing Income from House Property
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