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Can house rent be treated as personal income ? if so, can it be made liable to income tax slabs ?

For example : Total Monthly house rent is 40000. That is 480000 per year.. this income actually draws a tax of 20%. Is that payable or not ?

Public Comments

1. In the US rent is treated as normal income and income tax must be paid on it. You can deduct expenses associated with the rental from the income to reduce the tax due though.
2. yes house rent is treated as a personal income in addition to the other sources of income you have (in India). you can plan some investments to reduce the payble tax. The tax slab is calculated in your gross income form all the channels and the tax is payble according to it.
3. Read about income from house property http://mytaxes.in/index.php?topic=5.0
4. yes tax is payable. you have to pay the tax with other income (if you have) Tulsi Gupta
5. Notional rent income is treated as 'Income from House Property' for income tax purposes. This is added to your total income and you are taxed according to your income slabs.