Taxability of Rent recd. - post TDS

Add 17000*12 into your other income then calculate tax payable on total income. Then make adjustment for TDS from Tax payable. Remaing amount would be your tax liability.

Dear asheesh,

Taxability will depend upon the couse in which property is letout I mean if u have simple letout the property & rent is only in respect of property & not for anyother thing like furnitute, etc then

Rental Income will be taxable under Income from House Property from which u can deduct Municial Taxes, Standard Deduction of 30% will also be allowed & Any interest on capital borrowed for the purchase/construction of property can also be deducted..

If letting out of premises is part of business operations income from such premises is business income, then u can deduct all legitimate expenditure incurred for rearning such income including Municial taxes, interest on borrowed capital, etc..

For taxability Niki has correctly sugested..