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+--- Thread: Tax on Rent Income (/showthread.php?tid=10102)
Tax on Rent Income - beyond.spirits - 07-13-2011
AOA, do we deduct repairs charges from rent income to reach final taxable amount for a particular year? If yes then please mention upto what extent or percentage we can do it?
Are there any other factors that help the taxpayer of rent income to reduce his tax liability?
- student_of_law - 07-14-2011
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by beyond.spirits</i>
<br />AOA, do we deduct repairs charges from rent income to reach final taxable amount for a particular year? If yes then please mention upto what extent or percentage we can do it?
Are there any other factors that help the taxpayer of rent income to reduce his tax liability?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Allowable Deductions from rental income were provided by s.17 [Late]. This section has been omitted by Finance ACt, 2006. Now no deductions are allowed.
However through Finance Act, 2006 separte rates for rental income were introduced in Div VI of Part III of First Schedule. These rates are quite low.