Save Tax on Rental Income
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- Опубліковано 23 сер 2024
- Channel name is changed to CAPITAL GROWW now. #rentalincome #taxsaving #incometax #rentalincomeproperty
2 major mistakes while calculating tax ok rental income.
1. Paying taxes on rental income when it's not liable to pay
and
2.Not paying tax on rental income when it's supposed to pay.
Details in the video.
Any queries and comments in comments box please.
Thanks for watching DIFFERENT MOODS.
Superb explanation
Glad you liked it
Very good information u give Thanks ❤😂🎉
My pleasure 😊
Tenant has claimed less hra than the actual rent paid as per my Ais.shd i show rental income at actual or whatever tenant has claimed.
Thank u for information sir
Its my pleasure
Awesome and new information.
Glad you liked it
Kya jis house m rahte h uska ek floor rent pe dete h aur to kya home loan m intrest part ko full claim kar sakte??
Good information
Nice video
Thanks
Thanks for updating.
It's my pleasure
Namaskar, nice information sir🙏 thank🙏 you
Always welcome
@@investment_Tax_mutualfunds thank you🙏 I will back with some suggestion from you🙏 regarding Rental income property.
Anytime
Two points - you said for fully furnished property, don't include the the amount you are getting towards these things in rent, if not then where it would be counted if yoi are getting this amount through bank transfer.
Second, if Society maintenance which includes multiple components (maintenance of common areas, lifts amc, electricity cost for common areas, gensets, guards and other staff salary) is paid by owner, can these be deducted from rent or this is part of 30% deduction?
1. There are many other ways just as gift upto 50000 (Tax free).
2. 30% SD includes all expenses
Good information 🙏What happens if owner flat goes for redevelopment?
(a) Is the monthly compensation given by builder treated as rent? Is it taxable?
(b) OR Can this compensation be offset against actual rent paid by owner during reconstruction period?
(c) What about "Betterment charges or Inconvenience charges? Is this taxed.
(d) Is transport charges given by builder to move furniture and house goods to & fro, taxed?
A. Taxable
B. No
3. In the hands of ??
4. Yes
Nice
Thanks
Suppose intrest is 3L and if 2L debit claimed under home loan then for rest of 1L can i deduct from total rent received in Financial year
Presentation is a bit fast. Please slow down. Overall a good video. In the beginning you told we only pay taxes on the received rent but at the end you say for deemed property rent is assumed regardless it is rented or not, confusing. What is the difference.
We will try to settle at better speed. Deemed rent is never received. Still you will pay tax. Actual rent , when not received, is opttional to pay tax on real money got and on accrued basis.
Good information 👍
Thanks
sir ground floor rented hai ....2 nd floor par owner rehte h ..rent 12000 hai per month ......rental income count hogi kya??
Yes
FEBRUARY-MARCH KA RENT NAHI MILA; AUR..TAX BHI NAHI BHARA ..LEKIN AGLE SAAL TO 2+12 = 14 MONTHS KA RENT TO DENA HI HOGA NA?
Yes
@@investment_Tax_mutualfunds
Thanks…
Main mera flat jo joint property hai, Mera aur meri wife ( house wife hai) ka woh Rent pe dene ja raha hoon. Rent hai 14000 per month. Mera tax savings hoga ea earnings dikhana padega aur tax dena padega ? Agar tax dena padega to kitna amount hoga ?. Aur agar main agreement wife ke naam se banau to kya zada faida hoga ea phir mere naam se tax benefit hoga. Sirf itna clear kijiye please Sir.🙏
Rent income will be in same proportion of ownerships.
I have a flat in Mumbai which is given on rent for 50,000. But I stay in Indore and pay a rent of of 30000. I am a retired and have an income from various resources of around 13 lacs. Technically I should be allowed to take deduction of 30000 from rental income. The rent comes through bank transfer and the agreement is registered. So is my rent agreement with the owner in Indore.
Question kyaa hai aapka
Adjusting 30000 rent paid against 50000 rent received is not permitted as per CA
It came to my attention that a senior citizen having two own houses can be treated as self occupied and need not pay any tax. If he owns more than two residential properties, tax to be paid as deemed let out house. This needs clarification.
Correct
@@investment_Tax_mutualfunds sir, thank u for clarification.
Sir mere ak friend ne property sell kari hai apni jiski kimat 10Cr hai and usse 10 building mil rahi hai approx 1Lac/Month rent kabhi building se ayega toh aap ye bata sakte hai ki building purchase me usee kitna rent pay karna padega and jo uski rental income around 1.2cr hogi usme uska kitna tax lagega ??
Calculations are paid service
Should tax be paid on advance amount received by tenants? This amount is returned at their time of vacation.
You can treat advance in both ways.
Sir, i purchased a flat at kolkata, west bengal jointly with my husband (1st name is mine and 2nd my husband) February 2024 for an amount of Rs.31,00,000/-. Should i show it to itr f.y. 2023-24. If so, kindly let me the procedure.
Obviously YES.
There is no mention of percentage of share in the flat jointly with wife. My name is first and wife's name second. Wife is home maker. I pay complete EMI. How rent received is treated here for tax purpose? How to maximize tax saving in this case? Thanks in advance.
No matter who pays EMI. INCOME generated taxable to both owners equally
Landlord in govt job + rental income & he is collecting in cash & hiding this income...is this tax evasion? Thanks
Obviously YES
Sir, if the property is in joint names. The rental income is divided into two. Then what about the eligible expenses and standard deduction.
How are these things taken into consideration, for calculating rental income and tax liability?
Everything in same proportion
@@investment_Tax_mutualfunds Thanks very much.
Welcome
👍
Thanks
Are you sure that the rental income from a school is tax exempt for the landlord under 10(23)C ? Can you please help me with the clause that is used for this exemption?
The information given in the video is fine
No.
I searched all over and also talked to tax consultants. They are saying that it’s not true. They are asking the rule base of this exemption. Plz help
You can be happy with sure assumptions. Stay blessed.
Hi Sir
Rent agreement was executed for 11 months but tenant has left within 5 months and agreement is registered agreement.Tenant has not shown aggrement in his company declaration. Do I need to Pay Tax in this case ?
No matter whether tenant is showing or not. You must comply the tax rules.
Kya govt employee ka rent arha hai to wo gross amount me judega tax ke liye
Yes
If rent received is less than 30000/- pm and received in bank, noTDS, no entry in AIS, can it be omitted
forget ais
Sir how to make property in joint names? What is the procedure?
Registration process undergo as per state rules.
Kya koi senior citizan h to rental income per tax dena h ya
Yes
Wheather property tax ( residential only) is exempted from property tax to senior citizens, in Punjab ( urban areas ) ?
No
@@investment_Tax_mutualfunds
ਆਪ ਜੀ ਨੇ ਆਪਣੀ Senior citizens card holder ਨੂੰ ਮਿਲਣ ਵਾਲੀਆਂ ਸਹੂਲਤਾਂ,ਵਾਲੀ ਵੀਡੀਓ ਵਿੱਚ ਦੱਸਿਆ ਸੀ ਕਿ senior citizens ਨੂੰ property tax ਵਿੱਚ ਮੁਆਫ਼ੀ ਮਿਲਦੀ ਹੈ ਅਤੇ ਇਹ ਵੀ ਕਿਹਾ ਸੀ ਕਿ ਇਹ ਬਹੁਤ ਬੜੀ ਰਿਆਇਤ ਹੈ।
ਹੁਣ ਤੁਸੀਂ ਇਸ ਛੋਟ ਦੇ ਸਬੰਧ ਵਿੱਚ ਸਿਰਫ No ਲਿਖ ਕੇ ਕੰਮ ਨਬੇੜ ਦਿੱਤਾ ਹੈ।
ਕੀ ਇਸ ਨੂੰ clearify ਕਰਨ ਦੀ ਕਿਰਪਾਲਤਾ ਕਰੋਗੇ ?
ਧੰਨਵਾਦ ਜੀ
ਆਪ ਜੀ ਨੇ ਮੇਰੇ ਸਵਾਲ ਦਾ ਜਵਾਬ ਨਹੀਂ ਦਿੱਤਾ।
Pl reply
Thanks
Aapko.pataa hai ki India mein kitne state hai. Har ka Rule apna alag hai.
Aapke sawaal.ka poora janwaab No hee hai. Aapne poocha Punjab mein hai yaa nahi...Maine bataa diaa.
Sir mere father ke name per property hai kya mai or mera brother rent lai sakte hai to apne nam par to save income tax plz reply?
No
you did not covered that one can have two self occupied properties
Depends
Yes you are right. From last year one can reckon two flats or houses as self occupied if you have not rented it out.
Rental income vs tenant act.
?
I'm joint owner with my wife where my Wife is prime holder and I'm secondary for my flat. Can I pay rent to my wife and ask wife to file the ITR against those received rents?
Quite interesting question. Would like to revert on whatsapp 7888350093 in voice message. No calls plz.
If rent received in bank account under Rs 30000/ , no TDS, AIS not reflecting, can it be omitted to be taken into account for income tax
Is coworking space income considered as rental income or business income?
Rental
@@investment_Tax_mutualfunds- thank you!
Welcome
if someone buys commercial shop in a mall on lloan, can he deduct the interest paid to bank for the loan from the rental payment ?
No
Sir I am paying GST 18% to my recived rental income
And I also paying income tax
Is this correct if this is correct
It's too much to pay
Please clarify my issue
This is wrong. GST is under RCM provisions here. This means you will charge and collect GST from tenants and deposit that amount in government books. You will pay income tax only
@@investment_Tax_mutualfunds
Gm sir , I am in small town in Karnataka here no one give me GST to rent if I ask them they leave the shop , this is a big problem sir
Any how tnq for your kind information
Good luck.
I staying in self purchase flat but 8% society maintenance paid can we detect them
You are not getting rent. Hence expenses are considered personal
सरकारी कर्मचारियों को मिलने वाली पेंशन पर वीडियो अपलोड करें धन्यवाद
Will soon
@@investment_Tax_mutualfunds thanks
plant and machinery ka retn income he to deduction kese milega
Rent will be treated as business income and deprecation allowed.
Land rent income kis me dikha sakte he?
How to save commercial property yearly (annual)tax.
Depends sir... which kind of tax you are liable to pay
@@investment_Tax_mutualfunds the annual tax of owning a property
Thanks
Welcome
Form kitne no ka bharna h
For what
Standard deduction is 30% or 30k ?
Standard deduction of Rs. 50,000 for salaried individuals and pensioners
Thanks for responding. Standard deduction what you mentioned is on rental income specially?
Plz elaborate
@@investment_Tax_mutualfunds standard deduction on tax for salaried individuals is 50k , but is there any standard deduction on specifically on Rental income only.
For rental its 30% of the rent recieved
Does rent paid by united nation military observer for residence cum office attract income tax & GST
Sir, particular I have to check. I can't reply on any guesses
6:40 bilkul wrong.. Self occupied property 2 maani jayegi or 3rd rent pei maani jayegi.... Khali ho ja rent pei ho
Or je 2020 ke baad je rule laagu huya hai
Aata jata kuj hai nhi.. Gyaan pelne lagg jate hai camera kholke.... Gwaar
Check your facts. Aapka study poora nahin hai.
horrible, you have not said anything which is not known to people. I m sure you must not have ventured to make another video on this subject. pl see for yourself if you really have made any value addition.
Thanks for suggesting. It may be known to you. But, as we can see the likes...it shows that people were not aware