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Do we need to pay tax on rental income to file IT return?- Property Hotline
Posted
October 6, 2016
Views
144
October 6, 2016
144
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3:06Now PlayingExpert: Vinay Singh, Tax and Legal Expert.
Question: I have transferred my property through a settlement deed to my wife in April 2013 and she has been getting a monthly rental income of Rs 10,000 since two months. She is a housewife and has no other source of income. Please let me know whether she has to pay income tax on the rental income at the end of the financial year and file IT return.
Answer: Rental income from the property is taxable as income from house property. Since you have transferred the property without any consideration, the rental income will be taxed in your hands as provided under section 27 of the income tax act, 1961.
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