I own a flat and collect rent from tenant. In the agreement, it is mentioned that I collect Rs. X as Rent per month and Rs. Y as the money to be paid by the tenant on account of maintenance charges of the housing society. Now, What should I input in the rent collected column? X or X+Y?
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Rental income
Replies (4)
X+Y=RENT
Ask your tenant to directly deposit the maintainance to the society . You will save some .
As I understand, maintenance charges received is in nature of income for other services offered. Hence taxable as businees income/ income from other sources as applicable. Actual rent received can only be considered for calculating income from house property. Pls correct me if I am wrong.
| Originally posted by : Poornima M | ||
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As I understand, maintenance charges received is in nature of income for other services offered. Hence taxable as businees income/ income from other sources as applicable. Actual rent received can only be considered for calculating income from house property. Pls correct me if I am wrong. |
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I understand that Actual rent received can only be considered for calculating income from house property. But Maintenance charges paid by the tenant directly to the housing society will not be considered as my income. Also, since only the rent is credited to my bank account, it will be my income from house property. But, i am not sure if my perception is right.
As you have mentioned that a sum of Rs X is rent that needs to be taken into account in the Rent collected coloumn other Income Y will come under other sources
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