Tag Archives: Rent

If you are an individual, taken a house / flat on a monthly rent of Rs.50000, you have to deduct tax (TDS) at the rate of 5% and pay it to the government. Are you aware of this TDS provision on Rent? If not, here you go- A new Section …

The existing provisions of section 194-I of the Act, inter alia, provide for deduction of tax at source at the time of credit or payment of rent to the account of the payee beyond a threshold limit. It is further provide that an Individual or a Hindu undivided family who …

Letting of property attracts TDS provisions, with certain exceptions. Some of the commonly asked questions about TDS on rental income are summarized below. In case, readers have any other questions, please mention in the comment section.   Limit of Rs.180000 – In case, any property – residential or commercial is …

Any income from letting property is taxable as income in the hands of the owner of the property. I have listed out a couple of points which may give you a fair idea about taxation of such income.   A Self-occupied property: When property is occupied by the owner for …

  House Rent Allowance (HRA) is an allowance (part of the salary) given by an employer to an employee to meet the cost of renting a home. HRA is a taxable receipt in the hands of the employee. However, section 10(13A) of the Income Tax Act grants exemption in respect …

Salary Income – Only people who are earning salary income are eligible to claim tax benefits towards rent paid in respect of residential accommodation. Secondly, as part of the salary one should have a component by name ‘House Rent Allowance (HRA). (So, check the appointment letter or payslip to see …