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Prepare an agreement, pay rent into their bank accounts, and ensure they pay tax on it
Businesses with a turnover of less than Rs 40 lakh per annum and salaried individuals are not required to pay the GST on rent under the new rules
A mistake in calculating tax liability could lead to a notice from the tax department
Keep rent receipts that serve as proof handy should taxmen come calling
Exemption can also be claimed on rent paid despite owning a house, provided a few conditions are met
But in serious cases, a lawyer arguing in person can be more persuasive
There are many of them, but only a few can be used to offset the tax burden
Tenants who overstay in premises beyond their agreement would end up paying two times the rent for the first two months and four times afterwards
You need to have a leave & license agreement, proof of money paid and proof of owner's tax status