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RECEIVED from [Mr./Ms.] [Tenant Name], the sum of Rs. [Amount] (Rupees [Amount in words]), on account of rent of [Property Address Line 1], [Address Line 2], [City], [State] [Pincode], inclusive of all taxes, for the month of [Month, Year] by way of [cash or cheque or demand draft].
In the letter, include the following information on a business letterhead: Your tenant's name. Rental property address. Rent price. The purpose of the letter. Confirmation that your tenant has paid rent on time. Your contact information.
It is important to fill out a rent receipt properly, with all the following information: The date of the payment. The rental period the payment is for. Which rental property is the payment for. The tenant's full name. Who received the payment. The property address. The payment amount. The method of payment.
Rental income from a property in India is taxable as per an individual's tax slab rate. However, if the Gross Annual Value (GAV) is less than ? 2.5 lakh, zero tax would be applicable on rental income. Several deductions are available under the IT Act that reduces one's rental tax liability.
The receipts should contain details such as the landlord's name, address, rent amount, and the period for which the rent is paid. Rent receipts should be duly signed by the landlord. Rent Agreement: If you have a rent agreement with your landlord, keep a copy of the agreement as proof of the tenancy.