NRI - What is the threshold income that does not require you to pay taxes?

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  1. su mukund

    su mukund New Member

    Hi
    I own a property jointly with my husband. The total amount received as rent is 26,000per month, so annually this amounts to INR 312000 . From this amount we have to pay property tax, maintainence as well as body corp that amounts to approximately to INR 43000 per year.
    Since we are joint owners do we still need to file tax returns? I have read according to TOI reports that the threshold is 1.8 lakhs per person. Our tenant insists that we should have a TDS and so says he will deduct from the rent.
    Can someone please clarify what I need to do? Also any good CA I could get in touch with in Bangalore to help solve this issue. Su
     
  2. Neha Sharma

    Neha Sharma Active Member

    The threshold limit for payment of taxes has been increased from Rs. 1.8 Lakhs to Rs. 2 Lakhs p.a. per person

    In your case, as the rent received per person is less than the taxable limit, you wont be required to pay any tax.

    Your tenant is right in insisting that TDS be deduced. So either you can get the TDS deducted and then get this amount as refund from the Govt. (Long Process)

    The other shorter process is that you file Form 13 for Nil Deduction of Tax (Shorter Route)

    You can opt for any of the above 2 options as both of them are legal as per Law.
     
  3. su mukund

    su mukund New Member

    Thanks Neha Sharma for the pretty prompt reply. Any contact that you may direct me to towards a good CA in B'lore plzzz?
     
  4. Neha Sharma

    Neha Sharma Active Member

    I dont have much idea of good CA's in Bangalore who can help you with this...
     
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