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rental income
have a 10000.month rent income how I calculate net income from rent
Replies (3)
YEARLY RENTAL INCOME ...10000 ×12 = 120000
FROM THIS GROSS AMOUNT YOU CAN CLAIM FOLLOWING DEDUCTIONS...
1..MUNICIPLE TAX PAID BY YOU ON SUCH PROPERTY
2...YOU WILL GET STANDARD DEDUCTION OF 30% FROM 120000 U/S 24(a)
3..AFTER THAT YOU CAN CLAIM THE BENEFIT OF INTETEST ON LOAN TAKEN FOR SUCH HOUSE PROPERTY ....AS DEDUCTION FROM SUCH INCOME..
FROM THIS GROSS AMOUNT YOU CAN CLAIM FOLLOWING DEDUCTIONS...
1..MUNICIPLE TAX PAID BY YOU ON SUCH PROPERTY
2...YOU WILL GET STANDARD DEDUCTION OF 30% FROM 120000 U/S 24(a)
3..AFTER THAT YOU CAN CLAIM THE BENEFIT OF INTETEST ON LOAN TAKEN FOR SUCH HOUSE PROPERTY ....AS DEDUCTION FROM SUCH INCOME..
I agree with the answer of Pushp Kumar sahu
Thank you sir for appreciation😊
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