VIKAS SINGHAL
186
Sir, I want to pay income tax on rent received, please advise how to pay / mention rental income in income tax form. Whether I shall show the full amount or the balance amount after deducting 30% on account of maintenance. I am getting Rs 8000 p.m. from August onwards on my house for which I have taken loan from bank.
Regards,
You need to show balance amount after deducting 30% deduction, under income from house property.
In case you only have income from one such property, return can be filed with ITR-1 else ITR-2 form has to be used.
Thanks for prompt reply, I have only 1 house property but have exempted income more than 5000 from PPF so I understand I shall use ITR-2. This is as confirmed by you earlier to my queries.
