Rental income
This query is : Resolved
KISHORE KUMAR JOSHI
(Querist)
23 November 2014
I have one House in Kolkata receiving annual Rent for Rs.151000/- My query is this income excempted as I own only one house and it is inherited ?
Ganeshbabu K
(Expert)
23 November 2014
Income received on inherited property is not exempt
.
.
Above amount is taxable and if ur total income exceeds basic exemption limit u may need to pay tax
.
.
Above amount is taxable and if ur total income exceeds basic exemption limit u may need to pay tax
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