Income tax in india on rental income?

if flat self occupied (by parents), tax free. regarding commercial property , flat given on rent, have pay income tax. basic exemption nri limited 1,10,000 fy:2007-08 (rs.1.5 lakhs next year). on , above basic exemption limit, have pay tax @ slab rates.

example:(rent, municipal tax, 30% rebate on 2 properties)

tax calcu. male -tax free amt. rs.110000

315,000 = gross total income (regular)
000,000 = less: deductions u/chapter iv-a (80c etc.,)

rental income calculation (on 2houses)

500,000 = rent received during financial year
050,000 = less: municipal taxes paid.
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450,000 = balance income after municipal taxes
135,000 = less: 30% deduction repairs. (even if not repair)
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315,000 = balance after municipal taxes & 30% dedu.
000,000 = less: interest paid on house loans.
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315,000 = net income house peoperty
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315,000 = net total income taxable @ slab rates
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004,000 = tax @10% between 1.1 1.5 lakhs on 040,000
100,000 = tax @20% between 1.5 2.5 lakhs on 100,000
019,500 = tax @30% on > 2.5 lakhs on rs. 065,000
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043,500 = gross tax (as per slabe rates) on 205,000
000,000 = add: s.t.c.g tax-shares/ m.f @10% on 000,000
000,000 = add: l.t.c.g tax on property @20% on 000,000
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043,500 = total of narmal + spl. rate tax.
001,305 = add: education cess @ 3% on tax.
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044,805 = net total tax payable.
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way calculate tax liabulity. if not want pay tax, can gift house parents. gifting property parnts tax free. before gift it, please consult c.a (tax consultant more understanding).

hi

nri, , have flat , commercial space in mumbai,that has been rented out.

can 1 please tell me need pay income tax on it.
there way, exempt having/gifting property onto parents name

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