| Author | Message | ||
     Mandharam Comedian Username: Mandharam Post Number: 1975 Registered: 02-2008 Posted From: 64.233.173.201 Rating: N/A |
Correct..rental income doesn't come under income clubbing section. For all other investments like FD made with wife's name, interest earned will be clubbed to husband's income | ||
| Mandharam Comedian Username: Mandharam Post Number: 1974 Registered: 02-2008 Posted From: 64.233.173.201 Rating: N/A |
Pan is must now. NRIs renting out beware | ||
| Inquisitive Junior Artist Username: Inquisitive Post Number: 45 Registered: 09-2014 Posted From: 117.213.235.180 Rating: N/A |
Wrong. After 30% deduction for repairs and also deduction of property tax paid, the remaining rental income is taxable as per usual income tax brackets. Which means first 2.5 lacs are not taxed. Also, even on rental income, one can avail 80C exemption. So his wife won't have to pay any income tax at all even if she gets rent of Rs5,80,000/- | ||
| Gotcha Hero Username: Gotcha Post Number: 18993 Registered: 02-2008 Posted From: 8.19.193.14 Rating: N/A |
tenants ki mana PAN enduku istam. desam lo adugutara alaga? This Andhra real estate is for sale. | ||
| Mandharam Comedian Username: Mandharam Post Number: 1973 Registered: 02-2008 Posted From: 64.233.173.193 Rating: N/A |
Idedo best option la vundhi.. Current scenario..flat is vacant..no tenants But even for vacant house, notational rental has to be shown | ||
| Andhrawala Legend Username: Andhrawala Post Number: 36167 Registered: 03-2008 Posted From: 152.51.56.1 Rating: N/A |
Rental incoem will be declared and taxed in the ocuntry where the property is located. tharuvaatha US lo aa dabbu soopinchi tax credit theesukocchuu No Signature | ||
| Gotcha Hero Username: Gotcha Post Number: 18989 Registered: 02-2008 Posted From: 173.15.93.58 Rating: N/A |
what about rental income for NRI's valu us lo claim cheyala leka india loan? US lo cheste waht is the proof for indian tax man not raiding and asking for tax. adigite us lo taxes ela chupistamu? This Andhra real estate is for sale. | ||
| Filmbuff Side Hero Username: Filmbuff Post Number: 5891 Registered: 11-2011 Posted From: 117.195.178.251 Rating: N/A |
Rental income is not clubbed with salary, so the deduction limit is not applicable. All rental income is taxable, but you can take a 30% standard deduction (this is to account for maintenance, repairs etc). So even if you earn 10000 per month as rent, amounting to Rs.1.2 lakhs per year, you can get a break of 30% which is 36000 and you are taxed only on the balance 84000. What you earn on salary etc is irrelevant. | ||
| Giriqwert Side Hero Username: Giriqwert Post Number: 2460 Registered: 09-2011 Posted From: 103.6.156.176 Rating: N/A |
annai u can claim HRA and interest benefit only if the property is in another city..and if the property is being occupied by family like father/mother..you need not show the rental income also since you wont earn any..but if let out to others and getting rents and if u claim 100% tax benefit for EMI interest then i think you need to show atleast some percent of rental income on ur name? why this headache anukunte property occupied by family ani cheppu..but when tenants ask for your PAN and they claim HRA and if you dont show rental income..might be a flag if they check | ||
| Giriqwert Side Hero Username: Giriqwert Post Number: 2459 Registered: 09-2011 Posted From: 103.6.156.176 Rating: N/A |
i think he is asking since his wife doesn't have any income/salary this might will be within the deduction limit of 2.5L/3L and will be complete tax free..but if clubbed with his salary it may attract 20%/30% tax.. | ||
| Filmbuff Side Hero Username: Filmbuff Post Number: 5890 Registered: 11-2011 Posted From: 117.195.161.235 Rating: N/A |
How does it help? Rental income is not clubbed with salary, even if you don't earn any salary and you earn rental income, you still have to pay tax on it after the usual standard deduction.. | ||
| Linkmaster Legend Username: Linkmaster Post Number: 44762 Registered: 02-2008 Posted From: 149.128.8.245 Rating: N/A |
YES. | ||
| Mandharam Comedian Username: Mandharam Post Number: 1971 Registered: 02-2008 Posted From: 122.178.255.14 Rating: N/A |
bump | ||
| Wellsfargo Side Hero Username: Wellsfargo Post Number: 2730 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
No. You can't do that. | ||
| Mandharam Comedian Username: Mandharam Post Number: 1970 Registered: 02-2008 Posted From: 122.178.255.14 Rating: N/A |
(1)Suppose house is on joint ownership of both husband and wife. (2)Home loan has been taken. (3)Husband pays the EMI. (4)Wife has no contribution towards EMI. (5)Also wife has no direct source of income. (6)Husband claims 100% tax excemption for interest on home loan (7)Both husband and wife stay in another rented home so that HRA can be claimed question : Can the Rental income on the Own house be shown only on Wife's account? |
