Please Help: RENT RECEIVED
Posted Date : 03-Sep-2011 , 05:17:11 pm | Posted By CA Gautam Gupta
How Can we save the tax if a person receives rent from commercial property amounting to gross value of Rs 1200000/- per annum.
Category : Income Tax | Answers : 2 | Comments : 1 | Hits : 490
Answers
Answer By: Ashish Karundia
Dear Gautam,
The tax planning depends upon the head of Income under which we are showing the income from the commercial property viz. PGBP, House Property (here it seems it cant be as the income is from commercial property) or other sources.
Some of the expenditure can be Interest expenditure in respect of the property, Maintenance/Repair, Municipal taxes, Salary of the persons looking after the property etc and many others.
The tax planning depends upon the head of Income under which we are showing the income from the commercial property viz. PGBP, House Property (here it seems it cant be as the income is from commercial property) or other sources.
Some of the expenditure can be Interest expenditure in respect of the property, Maintenance/Repair, Municipal taxes, Salary of the persons looking after the property etc and many others.
Answer By: CA sheekhr
do some construction work
Comments
srishty mittal
06-Sep-2011 , 07:44:42 pmit is advisable to show such a property income u/h house property as 30% deduction can be availed u/s 24.