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Paying taxes

Last updated: July 15 2008
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  • 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!!!
  • #2

    #2

    Re : Paying taxes

    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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    • #3

      #3

      Re : Paying taxes

      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.

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      • #4

        #4

        Re : Paying taxes

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

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