Taxes on rent

1. Yes, TDS u/s. 195(j) at 30.9%

2. Yes, 30% standard deduction over HP income

3. Yes

4. Yes, it will be added (as per aforesaid calculation) to the interest income and after basic exemption limit of 2.50 lakhs (3.00 lakhs Sr. Ctz.) it will be taxed at 5% rate upto 5 lakhs limit (i.e. at slab rate). The TDS amount will be refunded back to you after adjustment of tax liability, when you file ITR.

Sri Rambhia saheb,

Thank you very much. Will a NRI Senior Citizen be elegible for higher threshold limit for income tax? Kindly clarify as my understanding was different.

Sri Rambjia saheb, Sorry sir, One more point. The rent income will be in the range of 20k to 23k. I am yet to give it on rent. Being a NRI & aged man, looking at pros & Cons. Kly clarify whether TDS or GST applicable?

" Will a NRI Senior Citizen be elegible for higher threshold limit for income tax?"
A Big NO.

" I am yet to give it on rent. Being a NRI & aged man, looking at pros & Cons. Kly clarify whether TDS or GST applicable?"

TDS will be applicable, but you will be able to get refund of 25% (as only 5% tax slab rate, upto 5 lakhs income); secondly you can get 80C deduction upto 1.50 lakhs,,,,,, which will bring down tax liability. So over all win-win situation.

GST not applicable for residential renting services........

Other Pro & Cons........... should get trouble free tenant  !!!!!!!!