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income from house property
Yes,when your income is more than 250000 Anually,so you need to file ITR
Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I
| Income Tax Slabs | Tax Rate | Health and Education Cess |
|---|---|---|
| Income up to Rs 2,50,000* | No tax | |
| Income from Rs 2,50,000 – Rs 5,00,000 | 5% | 4% of Income Tax |
| Income from Rs 5,00,000 – 10,00,000 | 20% | 4% of Income Tax |
| Income more than Rs 10,00,000 | 30% | 4% of Income Tax |
Rental Income(Monthly) = 23000/-
Rental Income Yearly = 23000*12
= 276000/-
So 276000-250000
Taxable Amount= 26000
Tax = 26000*5%
= 1300
Healath & Education Cess = 1300*4%
= 52
Total Tax = 1300 + 52
= 1352 /-
but yo don't need to pay tax ,As per the the Finance Bill 2017, an Indian resident earning more than Rs 3,50,000/per annum, is entitled to claim rebate under section 87A. Rebate under section 87A is allowed up to a maximum of Rs 2,500. It means the amount of rebate will be lower of either Rs 2,500 or 100% of the income-tax liability.
As per section 24, you are allowed to claim 30% standard deduction from the rent.
276000*30%=82800
276000-82800=193200/-
So it will be a refund because amount is less then 250000/-
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