Income tax on Rent receipt
This query is : Resolved
26 April 2020
Sirs, i have this question if someone can help. So, this is the scenario:
1) Rent agreement is for - 39,000 per month
2) Rent agreement is unregistered
3) Rent is received via bank transfer- 39,000 per month i.e. without deducting TDS
4) Owner is salaried
5) Tenant is not deducting TDS
6) Tenant is salaried and he is claiming HRA from his employer, but not giving owner's PAN (using someone else's PAN)
7) Tenant is mentioning
narration as "Rent" while doing NEFT transfer to owner
Question- Is owner liable to pay tax on rent received?
If yes, then how can owner avoid paying tax
Thanks in advance
1) Rent agreement is for - 39,000 per month
2) Rent agreement is unregistered
3) Rent is received via bank transfer- 39,000 per month i.e. without deducting TDS
4) Owner is salaried
5) Tenant is not deducting TDS
6) Tenant is salaried and he is claiming HRA from his employer, but not giving owner's PAN (using someone else's PAN)
7) Tenant is mentioning
narration as "Rent" while doing NEFT transfer to owner
Question- Is owner liable to pay tax on rent received?
If yes, then how can owner avoid paying tax
Thanks in advance
27 April 2020
Yes owner is liable to pay tax on rent received. Avoid paying tax by tax saving.
27 April 2020
Yes Owner is liable to pay tax on rent under the Head Income from House Property. He can claim Standard Deduction on Rent Receipt and also deduction of Municipal Tax paid during the Year
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