suppose person is getting 21 lacs per annum rent what will be the gst calculation
is there any exemption in income tax
for the amount paid as gst as individual.
Under income from House property under INCOME TAX ACT, FAIR RENT/ ACTUAL RENT is to be consider to calculate INCOME. AS GST IS INDIRECT TAX charged on rent receipt, it will not be treated as rent.
So rent excluding GST will be considered for calculating INCOME FROM HOUSE PROPERTY
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