{"id":12776,"date":"2020-06-06T06:05:10","date_gmt":"2020-06-06T00:35:10","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=12776"},"modified":"2024-06-04T10:31:25","modified_gmt":"2024-06-04T05:01:25","slug":"rent-income","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/rent-income\/","title":{"rendered":"Rent Income"},"content":{"rendered":"<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Content<\/strong><\/p>\n<p><a href=\"#Meaning\">Meaning of rental income<\/a><\/p>\n<p><a href=\"#Computation\">Computation of taxable income<\/a><\/p>\n<p><a href=\"#municipal\">What is a municipal tax<\/a><\/p>\n<p><a href=\"#Cases\">Cases where municipal taxes allowed or disallowed<\/a><\/p>\n<p><a href=\"#Calculation\">Calculation for annual value of any property<\/a><\/p>\n<p><a id=\"Meaning\" href=\"#Treatment\">Treatment of arrear or unrealized rental income<\/a><\/p>\n<p><a href=\"#Advantages\">Advantages of rental income in India<\/a><\/p>\n<p><a href=\"#Disadvantages\">Disadvantages of rental income in India<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Meaning<br \/>\n<img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-15213 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Income-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/h3>\n<p style=\"text-align: justify;\">Rental income means any income received by the taxpayer through the way of rent i.e. allowing another person to use of the taxpayer&#8217;s property. As per the section 22 of Income Tax Act, 1956 the annual value of property is taxable under head income from house property if following conditions are satisfied:<\/p>\n<ul id=\"Computation\">\n<li>Property means Building and Land appurtenant thereto.<\/li>\n<li>Assesse must be owner of such property (beneficial not registered).<\/li>\n<li>Property should not occupy for his own business and profession, which profit is chargeable to tax under head i<br \/>\n<img decoding=\"async\" class=\"aligncenter wp-image-12779 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Gross-Annual-value.png\" alt=\"house property if following conditions are satisfied\" width=\"700\" height=\"200\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Gross-Annual-value.png 700w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Gross-Annual-value-300x86.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Gross-Annual-value-615x176.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Gross-Annual-value-400x114.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Gross-Annual-value-292x83.png 292w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/li>\n<\/ul>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Computation of income chargeable under head income from house property:<\/h3>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Particulars<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Amount <\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><a href=\"https:\/\/www.indiafilings.com\/learn\/calculating-gross-annual-value\/#:~:text=Gross%20annual%20value%20(GAV)%20refers,for%20commercial%20or%20residential%20purposes.\" target=\"_blank\" rel=\"noopener\">Gross annual value (GAV)<\/a><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">XXX<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Less: municipal taxes paid by owner<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">XXX<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Net annual value (NAV)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">XXX<\/td>\n<\/tr>\n<tr id=\"municipal\">\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Less: deductions under section 24<\/p>\n<p>i.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Standard deduction @ 30%<\/p>\n<p>ii.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Interest on borrowed capital<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">XXX<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Income chargeable under head of house property<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">XXX<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 id=\"Cases\" style=\"font-size: 20px !important; color: #1e82b6;\">What is municipal tax?<\/h3>\n<p>Municipal tax means taxes you have to pay if you are the owner or user of a <a href=\"https:\/\/www.cagmc.com\/rera-registration\/\">residential property<\/a> or business premises as a responsibility toward society. It includes services tax like water &amp; sewerage Tax levied by LA. It is claimed from gross annual value of HP.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Cases where municipal taxes allowed or disallowed are:<\/h3>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Paid by tenant<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Not allowed<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Paid by owner<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Allowed<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Due but not paid (i.e. Municipal Tax payable)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Not allowed<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Advance municipal tax paid<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Allowed<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Municipal tax related to previous year paid in current year<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Allowed in current year<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Municipal tax paid on let out or deemed to let house property<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Allowed<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Municipal tax paid on self-occupied property (SOP)<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Not allowed<\/td>\n<\/tr>\n<tr id=\"Calculation\">\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Municipal paid on property outside India, however such property income is taxable in India<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Allowed<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Calculation for annual value of any property<\/h3>\n<p>There are some cases when assesse is not obtaining any actual annual value of rent then also the it is deemed to be earn The following cases where deemed annual value of any property shall be calculated as:<\/p>\n<ol>\n<li>The sum for which the property might reasonably be expected to let from year to year (RER).<\/li>\n<\/ol>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Computation of reasonable expected rent<\/h3>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Step 1<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Take higher of following:<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fair rent or<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Municipal rent<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Step 2<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Take lower of following (If standard rent applicable)<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Step 1 value or<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Standard rent<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">RER<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Value of Step 2 is RER and it will be gross annual value.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ol>\n<li>Where property or any part of property is let out, then gross annual value shall be computed as under:<\/li>\n<\/ol>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Step 1<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Take higher of the following:<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Reasonable Expected Rent (RER) or<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actual rent receivable(ARR) \u2013 unrealized rent<\/td>\n<\/tr>\n<tr id=\"Treatment\">\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Step 2<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Value of above step 1 will be gross Annual value (GAV)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ol>\n<li>Where property or any part of the property is let out and vacant during the whole or any part of previous year then actual rent received or receivable is less than from Reasonable Expected Rent then the GAV shall be actual rent receivable.<\/li>\n<\/ol>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Treatment of arrear or unrealized rental income<\/h3>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Arrear Rent<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Unrealized rent<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Arrear rent is that increased amount of rent held in court which is not paid by the tenant<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Unrealized rent is that part of rent from house property that has not been paid by the tenant due to whatever reason<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Section 25A of income tax Act specify that the Amount received in respect of arrears of rent or any subsequent recovery of unrealized rent by the taxpayer shall be treated as income of taxpayer under the head \u201cIncome from house property\u201d in the year in which such rent is realized or received even if assessee is no longer the owner of that property.<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0 Taxable even if assesse is no more owner of the house in the financial year<\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Section 25A<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Arrear Rent or unrealized rent<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 Taxable in the year of receipt or realised<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">2.\u00a0\u00a0\u00a0\u00a0\u00a0 Taxable income should compute after the standard deduction of 30%<\/td>\n<\/tr>\n<tr id=\"Advantages&gt; &lt;td style=\"><\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 id=\"Disadvantages\" style=\"font-size: 20px !important; color: #1e82b6;\">What are the advantages of rental income in India?<\/h3>\n<ul>\n<li>House property is an asset in your name which can be helpful in raising money to tide over certain situations. Banks are often more inclined to lend against tenanted property.<\/li>\n<li>Your perceived financial security<\/li>\n<li>Renting a property allows more flexibility than owning the house. In case you are doing a job that faces sudden changes like job relocation<\/li>\n<li>Good and fixed source of earning<\/li>\n<\/ul>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">What are the disadvantages of rental income?<\/h3>\n<ul>\n<li>Your tenant may vacate the house at short notice.<\/li>\n<li>If your tenant failing to pay rent regularly.<\/li>\n<li>You\u2019re home\/flat remaining vacant for several months.<\/li>\n<li>If your rental agreement does not fix responsibilities like maintenance, upkeep, repainting cost, and other related costs then you could be buying more headaches and that may bring you into a hug loss.<\/li>\n<li>Your tenant may not vacate when you need the property.<\/li>\n<li>Property tax in most of the Indian cities account for a tidy sum every year.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Content Meaning of rental income Computation of taxable income What is a municipal tax Cases where municipal taxes allowed or [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15213,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rent Income - Goyal Mangal &amp; 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