I am planning to rent my apartment, and Adding my PAN into rental agreement makes me to pay any tax on it ? I am not living in India now. And I have loan payment is going on my apartment.
Dear Sir,
You are anyways liable to pay income tax on rental amount if you are the owner of the house. Adding your PAN in agreement will not make any difference.
You can take benefit of loan repayment. You may have to file ITR also.
Please let me know if you have any doubts.
Thanks and Regards
CA Abhishek Dugar
Need to check the housing loan interest and the rent received. If it is below taxable limit then there is no tax liability
The income from capital asset situated in india is taxable in india regardless of residential status. However you can claim deduction of rent and basic exemption.
Dear Sir,
It hardly makes a difference by adding your PAN. As per rules the rental income shall be treated as your income even if you receive the housing rent without declaring your PAN.
On the question about Tax, we will have to consider your rental income as well as your interest outflow to give you an exact picture about the taxes payable.
Trust this clarifies your query.
Please feel free to call/ get back in case of any further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
