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Mihir Tanna  | Answer  |Ask -

Tax Expert - Answered on Apr 11, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Shakir Question by Shakir on Apr 10, 2023Hindi
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Hi sir hope alls well with you. Sir i am a 75 year old lady having 2 bhk flat in south mumbai. I hav given it on rent to my sons 2 kids. A boy and girl . Both are salaried indiviuals in corporate sector. Boy is giving me rent of 49,500 per month annually 5,94,000. And claming HRA. Girl is giving me rent of 20,000 per month annually 2,40,000. And claming HRA. So my annual rent received is 8,34,000. Can i claim 30 percent standard deduction on rent of upto 2,50,200.

Ans: Yes, you can offer rent income of Rs.8,34,000 on property owned by you and claim standard deduction of 30%.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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