Hi...
I own a house in Mumbai which I use for my residential purpose. Apart from this I don't own any other house. Now in F.Y 17-18 I let out this house to for monthly rent of 20,000 and I shifted to other house in the same building and on that I m paying monthly rent of 23,000.
I do not have salary income. I have income from business only.
Now kindly guide me on taxability of these two transactions,
1. Receipt of monthly rent of 20,000
2. Payment of monthly rent of 23,000
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Taxability of rent paid and received
Replies (1)
1.Rent receipt is to be shown under the head "income from house property" and standard deduction of 30% will be allowed in that case.
2.No deduction for rent paid for residential accommodation can be claimed u/s 80GG as you are already owning a property in the city you worked in.
2.No deduction for rent paid for residential accommodation can be claimed u/s 80GG as you are already owning a property in the city you worked in.
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