Tax implications: rented house and one's own house

Guest (Querist) 05 February 2012 This query is : Resolved
Dear Experts,

Thanks for your help

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A V Vishal (Expert) 06 February 2012
What is your source of income viz.salary or business/professional income.

Guest (Querist) 06 February 2012
Professional income is my source of income, sir.

A V Vishal (Expert) 06 February 2012
You cannot claim the benefit of house rent paid.

prabhakar singh (Expert) 07 February 2012
Only employed people who receive rent allowance in their salary component can claim it and others.

Guest (Querist) 07 February 2012
Since I am a professional, can I show part of the rent as meeting the home office need? Please let me know.

C. P. CHUGH (Expert) 07 February 2012
Yes If you are able to substantiate that you are also carrying on your professional activities from you residence as well, then you can claim proportionate amount of rent paid as your business expenditure.

2. Even otherwise you can claim deduction under section 80GG of the act which is restricted to Rs. 2000.oo per month subject to other conditions as laid down in the Act.

soumitra basu (Expert) 12 February 2012
Mr. Chugh is correct. you will be eligible to rent as per section 80GG. Your rental income shall be taxed subject to deduction of statutory allowance which is 30% of the rental income.

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