Rent
shyam lal
(Querist) 20 March 2021
This query is : Resolved
Is receiving rent taxable? If yes then till which amount p.a. is exempt from taxation,lastly can one take rent in cash.
kavksatyanarayana
(Expert) 20 March 2021
The tax shall be paid on the annual income from all sources. So it is better to consult a local CA or post this query in CAclubindia. Rent may be taken in kind of cash.
K Rajasekharan
(Expert) 21 March 2021
Rent from house property is taxable as "income from house property".
Property tax can be deducted from the rent.
A 30 per cent of net annual value can again be deducted as standard division.
Interest on house loan can also be deducted.
Income tax is to be paid for net income exceeding Rs 2.5 lakh.
An amount not exceeding Rs 2 lakh can be received by cash by an individual.
These are some of the tips on the taxability of rent but some other conditions are there governing it.
Dr J C Vashista
(Expert) 22 March 2021
Yes, it is taxable under the provisions of Income Tax Act, 1961.
