tax deduction on HRA more then 15000 per month

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  1. pawanBhakuni

    pawanBhakuni New Member

    Hi Sir,

    This is pawan from delhi my taxable income is 600000 now and i have started receiving 20000 rent per month on one of my house but the problem is it is a company lease of a PSU and i receive 18000 out of it after 10% deduction of tax at source. So after this how much tax i will have to pay becoz of this HRA on my total income.
  2. Neha Sharma

    Neha Sharma Active Member

    Dear Pawan

    Your Annual Income from House Property would be calculated as follows:-

    Rent received = 20,000*12 = 2,40,000
    (Less) Municipal Tax paid = Nil (Assumed Nil)
    (Less) Standard Deduction @ 30% = 72,000

    Taxable Rent = 1,68,000

    If you have any home loan, the interest paid on such home loan would also be deducted from this.
  3. Neha Sharma

    Neha Sharma Active Member

    In case you have any income from any other source, it would be added to this income of Rs. 1,68,000
    pawanBhakuni likes this.
  4. pawanBhakuni

    pawanBhakuni New Member

    Thanks for your reply ma'am
    Is there any rule for advance tax deduction for a rent more than 15000 at source as my tenant is saying that i will get every month 18000 Rs for this 20000 Rs rent and at the end of year he will give me tds certificate of tax deduction from his company.
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