Tax on Income received from Tower Rent

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    ABBAS DOCTOR New Member

    Dear Sirs,

    Please let me know what is the rate of income tax payable on income from Tower rent and rent from pan shop allowed in the compound of our co operative housing society.
    Also please let us know if there are any deductions or rebates allowed on this income.

    Abbas Doctor,
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    You can claim a standard deduction of 30% from the Rent received

    Tax on the balance income after claiming Std. Deduction would be levied as per the Income Tax Slab Rates.
    ABBAS DOCTOR likes this.

    ABBAS DOCTOR New Member

    Thank you very much sir.
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