I own a house in Goa which I have given for rent. The amount earned by me is Rs. 40000 for the first quater. Do I have to pay tax for the same? If yes, how do I go about doing so? Is it alright if I declare the same at the end of the year?
Since I'm married here, I fall under the portugese civil code. How do I mention the same on the ITR?
But yearly my income from rent works out to Rs. 1,80,000/-. So it works out to 45000 per quarter. Do I have to file tax for the income I earn per quarter?
12 July 2014
Limit of Rs.180000 is for deducting tds it is your responsibility of your tenant to deduct tds. and if the property is let out for residential purpose then no need of deducting tds by your tenant.
CAclubindia
