Own One House which is rented out. While I am staying in a Rented House

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  1. Angelique

    Angelique New Member

    Please can you tell me how can the Income Be Adjusted from Income Earned Minus Rent Paid Out.
    I am a non-salaried person.

    2) Non-Salaried but have school going children. How can i avail the benefits from paying their fees under this category non-salaried
     
  2. rudrabose

    rudrabose Active Member

    Request you to kindly re-explain your query
     
  3. Angelique

    Angelique New Member

    I am non salaried own one house given out on rent as the location does not suit me and i have rented another house. Being non-salaried i earn a rent as well as pay out a rent. when reporting how can i account for this being non-salaried. Your guidance much appreciate
     
  4. Sumit Agarwal

    Sumit Agarwal Active Member

    Rent paid by you would be treated as drawings in your capital account. Rent income earned by you would be treated as Income from house property. In short rent earned by you is your income and rent paid by you could not be treated as expense. If you were a salaried person the answer may differ.
     
    gaurav_kumar and Angelique like this.
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