https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9810490
Yes.
Can landlord claim tax return on TDS deduction ?
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Can landlord claim tax return on TDS deduction ?
If Tenant is paying rent more than 50k , then tenant will deduct TDS from rent payment and directly deposit it to Income tax office.
But on this TDS , Can landlord claim tax return if his net income comes below 5l ?
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https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9811935
By default only 70% rental income is considered for Income Tax
30% standard deduction is towards maintaining property
https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9810606
yes as per new regime 7L too
also landlord can show expenses like society charges, municipal charges etc
effectively upto 10L rent earning can be made tax free
more is also possible if a sublet agreement is made, showing landlord pays some part of rent to a family member as family member is real owner of property
https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9810907
It's yours even if your income is above the level, you can adjust it against your taxes.
Also, I believe you can claim 30% deduction for rent receipts. Do check it, if not known already.
https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9811225
Can u please explain this in more detail pls , claim 30% deduction for rent receipts ?
Are u taking about HRA claim by tenant ?
Are u taking about HRA claim by tenant ?
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https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9810925
Folks how will this work if are 3 people living together and paying 60k rent as a whole to the owner. How will this work in this scenario ?
https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9811261
Same implication as 1 person living and paying 60k rent
https://www.desidime.com/discussions/can-landlord-claim-tax-return-on-tds-deduction?page=1#post_9812146
yes , it is an income for u right ?
so you will be taxed as per your slab.
so you will be taxed as per your slab.
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Yes if correct pan card number is given, then you can file income tax return and claim the tds refunds.
Are u taking about HRA claim by tenant ?
As per Section 24A of the Income Tax Act, a taxpayer is entitled to a 30 percent standard deduction from the rental income to cover expenses like renovation/repairs.
Are u taking about HRA claim by tenant ?
For example, if the monthly rent of an apartment is Rs. 25,000, then:
Gross Annual Value (GAV)= 12 (months) x 25000 = Rs. 3,00,000/-
Property tax paid: Rs 20,000
Net Annual Value= Rs 3,00,000- Rs 20,000 = Rs 2,80,000
Standard deduction: 30% of NAV= 84,000
Interest paid on home loan: Rs 80,000
Taxable Income:
Source: 99acres2,80,000-84,000-80,000= Rs 1,16,000