Legal Question in Real Estate Law in India

I have a flat in bangalore, India. I m planing to rent out my flat next month. The rent could be 12,000 rs.My flat is still under home loan, I m paying my EMI. My question is, Do I have to pay income tax in india for the rent I m getting from the tenent? If, so, How much is the tax.? How do I declare that this 12,000 rs as my rental income to Income Tax office.? Is the rental agreement docs enough..?


Asked on 9/17/09, 11:57 pm

1 Answer from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

If you have no other income in India and also servicing a home loan, you won't be liable for any income tax on the rental income of Rs.12,000/- per month.

You rental agreement is enough for income tax purposes.

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Answered on 9/18/09, 1:29 am


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