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Tax on Rental Income or Let-Out House Property [AY 2019-20]

Do you own 2 or more house property? If yes, Then this article will help you to calculate your rental income under the income head “house property”. As per the law, a person shall be liable to pay tax on every property he owns even if it is not rented [vacant]. However, a relief from the tax...

Section 194IA – 1% TDS on Property Purchase [Home Loan]

While buying property of Rs. 50 lakh or more, a buyer needs to deduct tax [TDS] at the rate of 1% [Section 194IA] In this article, we will cover various aspect of section 194IA relating to the Tax deduction on purchase of immovable property. Few details may seem repetitive. Bear with me :? Ap...

TDS on Rent: Section 194I , 194IB and its Limit

In this article, we will cover provisions of TDS on rent paid by a tenant or lessee : Under section 194I, and Under section 194IB (not liable for tax audit) Let's get to it one by one! TDS under section 194I  A tenant or lessee is required to deduct income tax (TDS) while paying or c...

GST on Rent, Hotels, Lodges and Guest House

Any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services. (schedule II of CGST Act, 2017) Accommodation service provided by hotels, Lodges and guest house and Rent income i...

Home Loan Tax Benefit: 80C, Interest and 80EE [AY 2018-19]

Living in own house is like a dream come true and yes, most people in our country thriving day and night to achieve their dream house. In India, the government promotes housing scheme to its citizen in form of a low-interest home loan and through various other tax benefits. In this article, we wil...