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rent income

manish jain (96 Points)

21 August 2018

Resident income is taxable for Resident???

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Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 21 August 2018

Originally posted by : manish jain
	Resident income is taxable for Resident???

Yes

Pratik Surve (Assistant Professor ) (571 Points)
Replied 21 August 2018

YES IT IS TAXABLE. AND WILL BE TREATED AS INCOME FROM HOUSE PROPERTY.

manish jain (96 Points)
Replied 21 August 2018

Its taxable under GST

Pratik Surve (Assistant Professor ) (571 Points)
Replied 21 August 2018

IF RESIDENTAL PROPERTY IS LETOUT FOR RESIDENTAL PURPOSE THEN GST NOT APPLICABLE.

Shivam RC (Student) (23683 Points)
Replied 21 August 2018

As per SECTION 11 read with Notification No. 12/2017 CT, dated 28/06/2017 exempts rental income received from Residential House Property let out for Residential purpose.

But if the same is let out for Commercial purpose, then GST applicable @ 18%.

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Sheetal Devaki (Proprietor) (171 Points)
Replied 23 August 2018

Rs. 600000/- p.a. rent received and also he is a partner wherein he receiving salary and profit about Rs. 18 lakhs. whether he has to register under GST ?