Hello -
Need your help!. I have tried searching online for answers, and the more I read the more confusing it gets.
I have flat that I rented out for Rs. 20,000 / month. Is the yearly rental income subject to tax or are there any exemptions?
The reason I ask, I read an article that says " rental income will be tax-free if the Gross Annual Value (GAV) is less than ₹ 2.5 lakh." Is this correct? Should I include or exclude this rental income on my tax return?
Please advice.
Thank you!
1)As per the income tax Act , your yearly rental income received or receivable ( Annual value) is subject to tax .
2) you will get deduction of Municipal taxes paid for said property, during the previous year, and standerd deduction up to 30% of the Annual Value.
3) refer section 22 ,23 and 24 of the income tax act .
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