Paying taxes

Ekrina · 07-10-2008

Hi!

Can anybody tell me about income tax on rental income? How much is the lessor is supposed to pay? Is T.D.S. and income tax on rental income the same thing or not???

Please help!!!

BALA123IN · 07-13-2008

you can get tax rebate upto 40% of your basic pay for non-metro and 50% of basic pay. The income tax is also decided based on actual HRA allocated to your salary

for example if your basic is 20000 INR, then you will be eligible of 10000 INR per month can be deductable from your taxable income(not income tax). If you stay in non-metro, you will be eligible for 8000INR

regards
Bala

Yuvaraj · 07-14-2008

You can get upto 30% rebate on your rental income for Maintenance. If you have borrowed money then the interest component (not principal) is eligible for deduction from your rental income.

Ekrina · 07-15-2008

Thanks to everybody for your replies! Very helpful!!!!

07-10-2008	#1
Ekrina Member Join Date: May 2008 Posts: 5	Paying taxes Hi! Can anybody tell me about income tax on rental income? How much is the lessor is supposed to pay? Is T.D.S. and income tax on rental income the same thing or not??? Please help!!!

07-13-2008	#2
BALA123IN Junior Member Join Date: Jul 2008 Posts: 1	Tax rebate for rental expenses you can get tax rebate upto 40% of your basic pay for non-metro and 50% of basic pay. The income tax is also decided based on actual HRA allocated to your salary for example if your basic is 20000 INR, then you will be eligible of 10000 INR per month can be deductable from your taxable income(not income tax). If you stay in non-metro, you will be eligible for 8000INR regards Bala

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07-14-2008	#3
Yuvaraj Member Join Date: Jun 2008 Posts: 11	You can get upto 30% rebate on your rental income for Maintenance. If you have borrowed money then the interest component (not principal) is eligible for deduction from your rental income.

07-15-2008	#4
Ekrina Member Join Date: May 2008 Posts: 5	Thanks to everybody for your replies! Very helpful!!!!