Tax on rent

You have to show it in your returns under "Income from House Property" and pay tax.

NRI"s need to fileTax returns in India in the following circumstances. Click the following link for further information.

https://www.quora.com/Does-NRI-need-to-file-income-tax-return-in-India-if-there-is-no-income-from-or-in-India-If-yes-how

Up to Rs.2,00,000 no Income tax is payable on rental inc0ome. In your case the gross annual income income is Just Rs.48000. So no Income tax is levied on this Rs.48000((@Rs.4000) per month)

Which law says that  on rental income up to 2,00,000/- no income tax is payable?

Up toRs.200000 interest income on housing loan or EMIs is not levied tax and can be claimed as deduction. In our case only Rs.48000 is gross annual rentalincome so no tax but is allowed as Rs  48000 as deduction from taxable income for our benefit.  under IT Act.1961.

But the asseesee can claim deduction   up toRs.2,50.000       maximum limit or thresh old.

For housing loan one pays interest and does not receive interest. If interest is paid an equivalent amount to the extent admissible, can be deducted from one's taxable income. If Rs.48000/- is rental income it will be taxable income, which should be added to other taxable income. From such income interest paid to the extent admissible can be deducted to arrive at net taxable income. It is not right to say that rental income is not taxable.

See section 24(b) of IT Act. Up- to Rs.200000 lacs  Interest onborrowed capitall is exempt and claimed as income for deduction from taxable income. From this Standard deduction ,Municipal taxes, Repairs and renovation etc from house rent annual incomde should be deducted,.. Rs.48000 is not taxable but allowed ad deduction from taxabole income.In my hey days I*d practised on Income Tax side also  and stil off and on doing IT cases at home.If gross annual inc9ome exceeds 2 lacs then it is taxable.

Under Section 80EE  of the Finance Act interest on loan taken up to Rs.50,000/- is deductable from taxable income. One of the conditions for such deduction is that the assessee should not own any house property on the date of sanction of the loan. Here the assessee also has a self-occupied property. Hence he cannot avail this deduction. This is as far as Assessment year 2018-19 is concerned. The question of the queryist cannot be with respect to future years.

Interest onloan taken up to Rs.50000 is considered for deduction. If it exceeds no concession is available. Section 24(b) is applicable to our case and not section 80EEE as it is available only up toRs.50000 only. Whereas our rental house may have cost lacs. Hence section 80EEEis not applicable. Section 24(b) alone is applicable.

Under Section 24(ii) deduction from income from house property is available to the extent of interest actually accrued (not necessarily paid). But here the queryist has not stated how much interest has accrued or how much he has paid. If it is less than Rs.48000/- he can deduct only to the extent of interest actually accrued. Generally EMI's are fixed on the basis of actual payment. There is no limit as such on such interest payment except that it should not be more than the house property income.

I 'd stick to my view. I feel your opinion is wrong. As per yur wish you stick to your view.