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Mihir Tanna  |1054 Answers  |Ask -

Tax Expert - Answered on Mar 27, 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 Mar 25, 2023Hindi
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Hi sir hope alls well with you. Sir if i give a monthly rent of 60,000 Rs that comes to 7,20,000 Rs yearly to my paternal grandmother of 75 years who owns a 2bhk flat in south mumbai. She has no other source of income and if she files her IT return under new tax regime in financial year 2023 - 2024. Will she hav to pay any tax

Ans: Against rent income, standard deduction of 30% of income is available. Tax rebate upto Rs.22,500 is available for FY 2023-24 for person earning income upto Rs.7 lacs. Accordingly, no tax liability is likely to arise.
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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