1. #1
    Unregistered

    How can I save my income tax on rent of my property?

    I have constructed three flats for commercial rent out purpose. Will I have to pay income tax or not? What if I donít deposit this amount in my bank account? Please guide me how can I save my income tax in this regard?

  2. #2
    u.shankar Array
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    Re: How can I save my income tax on rent of my property?

    in come tax is payable is a rule or compulsory but it is depend up on your income and source in your question what are the income source to constructed the flats the details like bank loan , mention your annual income these are all submitted every year in your income tax office your source is less that income tax fixation you do not pay any in come tax but fixation of your income is more compulsory you pay tax so every years submitted your assets income to near tax office and also you mention tax through online

  3. #3
    Raajkumar Array
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    Re: How can I save my income tax on rent of my property?

    Ya of course you need to pay the income tax if your earning is above 2 lakhs...
    As it comes under property you neeed to pay 10% as the property tax...
    If you need to escape then change the property owners name.....
    When theres a raid then you get problems better suggest your lawye
    r...

  4. #4
    Dreams Array
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    Re: How can I save my income tax on rent of my property?

    Definatly sir you have to pay your income tax if your income is more than recomended amount.
    and you have to pay 10% for home tax.
    and you dont want to pay for that so you can change owners name or talk to someone who had knowladge
    about it.

  5. #5
    mahi4mk Array
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    Re: How can I save my income tax on rent of my property?

    DEAR ASPIARNTS ,

    You definatly income tax pay and which type rent you save if you donate money any

    government old people ,children authority ,save girl charity ,and government schemes

    you give and then you calculate how much money your bank.You open any insurance

    many benifit you do not pay income tax in this schemes.And other tax 200000 above

    you pay as per rule is a compulsary every people.

    GOOD LUCK

  6. #6
    Ashok Array
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    Re: How can I save my income tax on rent of my property?

    Dear Aspirant,

    As per the Income tax Act,you are supposed to file your Income tax return every year.

    You have not mentioned what is your annual income from all the sources & how you have got the building constructed, whether you have got bank loan for construction of the building or not.

    Your income from the rent is chargeble under IT or not depends upon your total income during the year & on the type of capital by which you have got the house constructed.

    See your conditions.

    Better you consult a income tax lawer to get your doubts clear.


    Thanks.

  7. #7
    looser Array
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    Re: How can I save my income tax on rent of my property?

    hi friend,

    You need to pay income tax definitely in order to get the benefits of the government and also from the municipal corporation.

    If you do not pay your income tax in time then you need to pay a large amount of fine when the higher officials of government catch you.


    Income tax should be paid as it is the duty of the citizen as we are enjoying all the benefits such as roads, water, sewerage etc...

    As the income tax is to be paid every year it wouldn't cost too much for you as you have got 3 flats.

    As you are saying that you have built it for commercial rent out purpose there is no other way to escape for paying income tax because the renters who get into your flat would definitely ask you for the rent paid receipt.

    In order to get the rental agreement you need to register with the government, so there is no other way to escape from paying tax.

    For income between 2 to 5 lachs you need to pay 10% of it.


    Why to avoid when you have got that many benefits from the government that you are enjoying.

    all the best

    thanking you....

  8. #8
    Chittaranjan Array
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    Re: How can I save my income tax on rent of my property?

    There are systems to alot flats as rented you are to do contract with tenant about rent amount,duration of renewal ,mode of payment etc.

    Ok you are aloting flats to rented and earning a good amount monthly.as per incometax law you have to show all valid sources income to your tatal income.

    And as per rules you can save up to rs.100000/-pa investing to hbl installments,insurance premium/tution fees/ppf etc but limit is 100000/- as installments and you can also save tax if you buy govt.bonds and bank intt.on hbl is also deductable directly.

    Thus you can save your income tax.

  9. #9
    imman Array
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    Exclamation Re: How can I save my income tax on rent of my property?

    ^^ HI ^^



    ^_^ Yes,you should pay income tax on rent of any property ^_^


    ^_^ You should pay it if your income via rent cross 2 lakh ^_^


    ^_^ Check out the tax slab below ^_^





    0 to 2,00,000 - No tax


    2,00,001 to 5,00,000 - 10%



    5,00,001 to 10,00,000 - 20%



    Above 10,00,000 - 30%







    ^^ Thank you ^^

  10. #10
    king87 Array
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    Re: How can I save my income tax on rent of my property?

    dear friend ,

    yes definitely you have to pay income tax to the govt.

    There is a rule for giving tax . It depends on your income.

    If you don't give tax this is a crime . When you will caught by income tax your apartments will be

    seized . And you have pay the fine and have to go to jail also.

    Better you pay the tax properly...

    Thank you!!!!!!!

  11. #11
    prabhu Array
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    Re: How can I save my income tax on rent of my property?

    Hi,


    Generally income tax s calculated based on the total annual income

    If your total annual income comes under tax slab you have to pay the tax

    Property income is not shown generally but if you have more properties you can show any one atleast to prevent problems

    Submit income tax proofs regularly to avoid tax reduction

    you can show like taken home loan for home construction so that it will not be taken into account for tax

    Also insurance policies , HRA , eduacatio loan all can be used to avail tax exemption


    THanks

  12. #12
    ritesh Array
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    Re: How can I save my income tax on rent of my property?

    There are systems to alot flats as rented you are to do contract with tenant about rent amount,duration of renewal ,mode of payment you are aloting flats to rented and earning a good amount monthly.as per incometax law you have to show all valid sources income to your tatal income.And as per rules you can save up to rs.100000/-pa investing to hbl installments,insurance premium/tution fees/ppf etc but limit is 100000/- as installments and you can also save tax if you buy govt.bonds and bank intt.on hbl is also deductable directly.Thus you can save your income tax

  13. #13
    Boss Array
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    Re: How can I save my income tax on rent of my property?

    in return tax is owed may be a rule or required however it's rely abreast of your financial gain and supply in your question what square measure the financial gain supply to created the flats the main points like loan , mention your annual financial gain these square measure all submitted per annum in your tax workplace your supply is a smaller amount that tax fixation you are doing not pay any in return tax however fixation of your financial gain is a lot of required you pay tax thus each years submitted your assets financial gain to close tax workplace and conjointly you mention tax through on-line

    You need to pay tax positively so as to induce the advantages of the govt. and conjointly from the municipal corporation.

    If you are doing not pay your tax in time then you would like to pay an oversized quantity of fine once the upper officers of state catch you.

    Income tax ought to be paid because it is that the duty of the national as we have a tendency to square measure enjoying all the advantages like roads, water, sewerage etc...

    because the tax is to be paid per annum it would not value an excessive amount of for you as you have got got three flats.

    As you're spoken communication that you just have engineered it for business loan purpose there's no different thanks to escape for paying tax as a result of the renters UN agency get into your flat would positively raise you for the rent paid receipt.

    so as to induce the rental agreement you would like to register with the govt., thus there's no different thanks to throw off paying tax.

    There square measure systems to lots flats as rented you're to try and do contract with tenant regarding rent quantity,duration of renewal ,mode of payment you're allotting flats to rented and earning an honest quantity monthly.as per tax law you have got to indicate all valid sources financial gain to your total financial gain.And as per rules you'll be able to save to rs.100000/-pa investment to hbl installments,insurance premium/tution fees/ppf etc however limit is 100000/- as installments and you'll be able to conjointly save tax if you purchase govt.bonds and bank intt.on hbl is additionally deductable directly.Thus you'll be able to save your tax

  14. #14
    G.one Array
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    Re: How can I save my income tax on rent of my property?

    If you have the commerical buildings which is provided on rent, the income from such rent will comes under the head the Income from house property. If you have taken any loan against this buildings, the interest on this loan can be deducted from the income. If you have paid any municipal tax in respect to buildings even that will also be deducted from the income tax. Not investing the money in bank, won't save you from tax. If you doesn't provide tax on that money, then it will be treated as black money and accordingly action will be taken. For deduction, you can donate the money in certified NGO, take the life insurance policy, medical insurance etc.

  15. #15
    Aayna Array
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    Re: How can I save my income tax on rent of my property?

    Quote Originally Posted by Unregistered View Post
    I have constructed three flats for commercial rent out purpose. Will I have to pay income tax or not? What if I donít deposit this amount in my bank account? Please guide me how can I save my income tax in this regard?

    Dear aspirant ...

    Many tips for save money like you can fill a form Medical insurance,and you can

    take any plan like Life insurance policy and You pay extra many in this insurance

    and you get many benefits like life cover and your money save.And extra money

    definatly you can pay income tax department its a compulasary rule and If you

    earn 2 lakh more than so you can pay 10 % in government tax .Everyone pay

    income so you also include in this process.

    GOOD LUCK

  16. #16
    SAM Array
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    Re: How can I save my income tax on rent of my property?

    HELLO DEAR,


    0 to 2,00,000 - No tax


    2,00,001 to 5,00,000 - 10%



    5,00,001 to 10,00,000 - 20%



    Above 10,00,000 - 30%

    Many tips for save money like you can fill a form Medical insurance,and you can

    take any plan like Life insurance policy and You pay extra many in this insurance

    and you get many benefits like life cover and your money save.

  17. #17
    sanju0770 Array
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    Re: How can I save my income tax on rent of my property?

    Dear..

    Income tax is payable on every income that you are earning except few which are exempted. Its better to deposit the income tax just to be on the safer side. Filling an income tax is better for you as well as for the government. You have to give tax on your all flats as they are earning money for you. This is in actual 10% of your total annual income that you are generating from those flats.

    If you want to save your tax then you have to show some investment in LIC or in some kinda government schemes. Still for a better view i advice you to better take a suggestion from a professional Chartered Accountant.

    Hope it will help you

    Cheers...!!!

  18. #18
    sagar R. Array
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    Re: How can I save my income tax on rent of my property?

    In India , there is two type of tax
    direct tax
    Indirect tax

    In the direct tax ,there is income tax , wealth tax etc.
    In the Indirect tax ,there is included such as VAT , service tax etc.

    Income tax is the direct tax.
    Income Tax is one type of source of fund for government that the government uses for activities to serve the public.
    Most country having progressive type income tax system in which higher earner pay income tax with more rate as compare with lower income tax earner.

    Tips to save income tax

    --> you can save income tax optimally by invest money in specified instrument under section 80c such as LIC , Public providend fund , National saving certificate , senior citizen saving scheme etc.
    --> You can save income tax by invest money in health insurance premium under section 80D
    --> You can save income tax by paid education loan under section 80E
    --> you can save income tax by donate in charitable trust 80G
    --> you can save income tax by paid home loan under section 24
    --> you can save income tax by paid to house rent allowance under section 10(13A)
    --> you can save income tax by paid to parents or relatives for transport & medical allowance.



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