lalit (Asstt Mger) (38 Points)
28 July 2014Dear All,
Currently I am leaving in rented house and my own house is rented to someone.
Please let me know, the income amount from rent is taxable income? For your knowledge the own house has home loan.
Also please let me know the ITR form required if rent is taxable.
Regards and Thanks in Advance
Lalit
n k abhiram
(CA Final , CS Final )
(629 Points)
Replied 28 July 2014
Rent received by you is taxable under the head House property
You can claim rent paid by you as HRA or under sec 80 G max 24000
If you show the house is let out i.e. rented you can claim any amt paid( as per bank certificate) as interest paid to the bank where as in case if you show it as self occupied you can claim maximum 150000/- in both case you can claim interest under sec 24 or under sec 80
you can file Form ITR -2
If you receive the rent by bank its better to show in rent in returns.
lalit
(Asstt Mger)
(38 Points)
Replied 28 July 2014
Dear Sir,
House rent is of Rs. 156000 per annume
From this can i deduct 150000 and rest 6000 will, be taxable right.
Please reply
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 28 July 2014
Adish Jain
(Chartered Accountant)
(36 Points)
Replied 14 August 2015
Hi Lalit,
In case of rent received i.e.own house which is let out-
In case of rent paid by you-
In your case you are required to file ITR-1.
This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:-
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