Rental Income

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For the AY 20-21, rental income up to Rs 5 lacs received by a female senior citizen is indeed taxable. However, a standard deduction of 30% on the Net Annual Value (NAV) applies. While the income might still be taxable after this deduction, a rebate under Section 87A can be claimed if an Income Tax Return (ITR) is filed. It's important to file your ITR to benefit from this rebate.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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25 February 2020 Ay 20-21 if the rental income is upto Rs 5 lacs of a femal senior citizen, whether the said income will be taxable ?

Eswar Reddy S

Eswar Reddy S (Expert)
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25 February 2020 There will be standard deduction of 30% on NAV for rental income. Yes.It is taxable but rebate u/s 87A can be availed.But you must file ITR to avail rebate..