Your tax liability is around 20% of 70% of rental income. Advise you to revise the IT return. If you dont want to pay tax, then its like taking a chance depending on your luck. for further help contact me on 9322210419. CA. Rajesh Kabra, Thane.
IT on rental income
I am Mangesh and I have a property at Pune. I am getting Rs 12000/- as a Rent for last 9 months till date. My income from salary is 8.9L for which I have paid the tax. I have not shown this rental as my other income. What extra income tax I have to pay if I am showing it? How can I minimise it? What, if I am not paying it? My tenant has submitted agreement copy at his office to claim HRA. Pls guide.
Asked 8 years ago in Income Tax
Dear Sir,
You will be required to pay Tax on the amount of rent received less 30% of the amount of rent received.
It is preferred if you offer the Income to tax and pay the respective tax to avoid complications like Interest and penalty in future.
Trust this clarifies your query.
Feel free to get back/ call back in case of further details.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB - GEN, CERT. FAFP
You need to compulsory declare the same . Also since your tenant has already submitted the same to his company you need to declare the same at the time of filing
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