Tds partpayment

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I am a salaried indivitual and I am receiveing a monthly rent (50K) of which 50% is been already paid as advance (5L advance to be adjusted in 20 months rent) and now the actual rent to be payed is 25K and they deduct the 10% TDS on the full rent (50K) which comes around 5K and i receive 20K (25K - 5K) every month. The 26AS shows that TDS is deducted for 50K but for me the actual amount is only 20K*12. Should i show 45K*12 or just 20K*12 in as my income?

also i am planning to put Village office+municipal taxes + electrcity advance payment, on that bulding to be lessed form the total income is this ok?

thanks in advance

abhay,

Replies (3)

First of all you need to show your income as 50k x 12 ie 600000/- for a year as this is what your actual income should be. 

Second, only municipal taxes can be deducted from this rent amount.

From the net amount obtained, you can deduct flat 30% as standard deduction on account of maintainence, repair etc.

TDS amount deducted by the payer is correct & you can very well take credit of the same.

 

Regards

Ok, thanks for the quick reply. I have some personal loans taken to pay the pending amount  for construction, i think the inetrest for that also can be deducted. is that so?

No. Interest on personal loans can't be deducted from rent. however if the loans are housing loans taken on the subject property, interest on these can be claimed as deduction.

Regards

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