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Taxes on Rental Income

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Taxes on Rental Income
Answer
3/26/09 12:29 PM
Hi all,

I would like to know the taxes on the rental(on flat) income. Any information on this would be great.

Thanks
Deepak
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Re: Taxes on Rental Income
Answer
3/26/09 2:05 PM as a reply to Deepak Bansal.
Usually its 25%

But when tax return is filed all the expenses going in the maintenance of the apartment could be claimed back to an extent,eventually increasing net yield.

VAH
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Re: Taxes on Rental Income
Answer
3/27/09 11:59 AM as a reply to Deepak Bansal.
Thanks Vah.

Does this maintenance costs include the interest paid against the mortgage?? what might be other maintenance costs (other than renovation costs).

Thanks

Deepak
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Re: Taxes on Rental Income
Answer
3/27/09 12:34 PM as a reply to Deepak Bansal.
Yes mortgage payments can be filed in the tax return (Only when you give the apt. on rent)
Other maintenance costs are the house verwalter ,any building/house insurances etc.

Offcourse utility costs(heating/water/electricity Grundsteur) are taken over by tenant.

Hope that helps.

b.t.w are you planning to buy or you already have one ?
VAH
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