If i am earning some rent form my property for eg. 19000 pm & at the same time i am staying in a rented place paying rent of rs. 29000 pm so how will be the calculation of rent income & expense? can i claim such rent expense against rent income?
5 Replies
Pallav Bansal
(CA Final)
(372 Points)
Replied 31 October 2017
No Ms. Mehta, You Can't..
Rent received is part of income and is to be calculated under the head House property.
for Rent payment you don't have any solution left. You could claim 80GG if you don't own any other House.
Rent received is part of income and is to be calculated under the head House property.
for Rent payment you don't have any solution left. You could claim 80GG if you don't own any other House.
Pallav Bansal
(CA Final)
(372 Points)
Replied 31 October 2017
Ms. Mehta,
If you don't have any other income then Rent Income is Exempt as the total rent per annum is less then basic exemption.
If you don't have any other income then Rent Income is Exempt as the total rent per annum is less then basic exemption.
Om Goyal
(445 Points)
Replied 01 November 2017
opgoyal
yr HP income of 19000- on - minus 30 percent thereof is taxable as HProp. income
u can claim HRent 29000 pm paid as HRent allwance u/s 13 A it act sub to conditions . read s 13 a of it act PL.
yr HP income of 19000- on - minus 30 percent thereof is taxable as HProp. income
u can claim HRent 29000 pm paid as HRent allwance u/s 13 A it act sub to conditions . read s 13 a of it act PL.
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