Income from house property and taxation

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This discussion addresses whether rental income below £2,000 per year needs to be declared on your Income Tax Return (ITR), especially when you also have business income. The annual value of the property, determined by factors like municipal valuation and actual rent, is used to calculate taxable income from house property. You may be liable to pay income tax on your rental income depending on the final computed taxable income.

hiluferns

hiluferns (Querist)
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07 January 2024 Hi, I just wanted to know weather income from house property below 2 lakhs, is to be declared in the ITR. This year my income from business will be approx 10 lakhs and I have a appartment which I have given on rent for Rs.14,500/- per month. So am I liable to pay income tax on the rental income?
Thankyou.

RAJA P M

RAJA P M (Expert)
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07 January 2024 Yes, If taxable income after computation...

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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14 January 2024 The income from house property is computed on the basis of its annual value. Various factors such as municipal valuation, fair rent, standard rent, and actual rent are considered to arrive at an annual value.

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