Tax on rent

Tax queries 156 views 1 replies

Dear Respected Experts,

I have the following queries.

I have recently(2017) become a British national by Naturalisation. I have a property in the form of a Residential Flat in Mumbai which I bought in 2011 and now I got the Possesion certificate.

I now want to give it off for rent.

Please advice how I account for the refundable security deposite and the monthly rend? What income tax I hac=ve to pay and what documentation,receipts I have to provide to the tenant?

Also How I can get the Income tax exemption if any for the regular maintenance charges?

Do I have to pay GST on maintenance which is below Rs.5000/ month and society has not yet been build.

Thank you in advance.

Kind regards

Ambarish Sengupta

 

Replies (1)
Refundable deposit is account as Deposit of Advance ...
Rental is your monthly income...
Income tax payable on your income (rent + any other income)....
You ll prepare rental agreement and give rent receipt....


You can't notify you are registered or URD under GST...

If you are registered then you ll give rental receipt as taxable with GST...
In case in PY your accounts audited u/s 44ab then you ll be deduct TDS for the Rent....


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