Tax on rental income under new Tax regime
This query is : Open
ARUN GUPTA
(Querist)
16 April 2021
My rental Income is Rs600000. Will standard deduction of 30% will be allowed under new Tax regime. How will be rental Income calculated under new Tax regime.?
CMA Poornima Madhava
(Expert)
16 April 2021
1) Property tax paid and standard deduction @30% are allowable deductions from rental income even under the new tax regime.
2) Interest on loan can be adjusted only to the extent of rental income. In other words, no carry forward of loss (due to excess interest) to subsequent year.
2) Interest on loan can be adjusted only to the extent of rental income. In other words, no carry forward of loss (due to excess interest) to subsequent year.
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