• IT on rental income

I am Mangesh and I have a property at Pune. I am getting Rs 12000/- as a Rent for last 9 months till date.
My income from salary is 8.9L for which I have paid the tax. I have not shown this rental as my other income. What extra income tax I have to pay if I am showing it? How can I minimise it? What, if I am not paying it? My tenant has submitted agreement copy at his office to claim HRA. Pls guide.
Asked 2 years ago in Income Tax from Mumbai, Maharashtra
Your tax liability is around 20% of 70% of rental income. Advise you to revise the IT return. If you dont want to pay tax, then its like taking a chance depending on your luck. for further help contact me on 9322210419. CA. Rajesh Kabra, Thane.
Rajesh Kabra
CA, Thane
9 Answers
1 Consultation

4.3 on 5.0

Dear sir,

You should show this in your return of income and pay tax on the same. You will have to pay 20% tax on (rent received till 31st march 2016 *70%). Because 30% of rental income us exempt from tax.

Feel free to contact me if you need any clarification.

Thanks and Regards
CA Abhishek Dugar
Abhishek Dugar
CA, Mumbai
2944 Answers
125 Consultations

5.0 on 5.0

Dear Sir,

You will be required to pay Tax on the amount of rent received less 30% of the amount of rent received. 

It is preferred if you offer the Income to tax and pay the respective tax to avoid complications like Interest and penalty in future. 

Trust this clarifies your query. 

Feel free to get back/ call back in case of further details. 

Thanking You. 

Rohit R Sharma
Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

You need to compulsory declare the same . Also since your tenant has already submitted the same  to his company you need to declare the same at the time of filing
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0

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