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
Menu
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.
Recent Topics :
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
Related Topics :
CAclubindia
