India is great (Service) 28 November 2014
a person receives money through rent in every month. is it mandatory to pay tax to Govt. due to income through rent. if gross income for a financial year is less than 5 lakhs then also is it mandatory to file tax return for that person ? if a person keep tenant in his house and receive rent every month then what are the measures he has to opt to avoid any legal problem including tax related issue.
Hardeep (Business) 30 November 2014
T. Kalaiselvan, Advocate (Advocate) 01 December 2014
The rental income received will be construed as income from other sources and will be computed for taxable income accordingly. Take the help of a auditor and resolve the taxation issues.
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