Rental income

Rt Sw (7 Points)

15 May 2019

Is Rental income under 1lac p.a. taxable?

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5 Replies

CA Mayur Todmal (Practicing CA) (7756 Points)
Replied 15 May 2019

rental income is taxable and you have to disclose in ITR, But tax liability will be depend on your total income

Rt Sw (7 Points)
Replied 17 May 2019

how can we show rental income deducting maintanance amount ?

Zeal Bangdiwala (Partner at N. Gamadia & Co.) (363 Points)
Replied 18 May 2019

Maintenance cannot be claimed as expense from rental income, however you get 30% standard deduction from the rental income.

Rt Sw (7 Points)
Replied 19 May 2019

If i am in 20% slab , i have to pay 20% tax on rental income even if it is under 1 lac?

Zeal Bangdiwala (Partner at N. Gamadia & Co.) (363 Points)
Replied 19 May 2019

Yes you have to

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