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Income Tax on Rental Income: How Much Rent is Tax Free?

Tax queries 737 views 2 replies

J P Sahoo

a

46 Points Posted on 31 May 2023

Is it true that a person will not pay tax on rental income if Gross Annual Value (GAV) of a property is below Rs 2.5 lakh? If yes, is it applicable for FY2022-23 and FY2023-24? Is it applicable also for salaried income individuals?

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211643 Points Posted on 01 June 2023

There is little addition to it .... PROVIDED YOU DO NOT HAVE ANY OTHER INCOME CHARGEABLE TO INCOME TAX ACT.

If you have salary income, and if your total taxable income is above Rs. 2.50 lakhs, you need to pay IT.

veerendar singh

tax consultant

3306 Points Posted on 01 June 2023

Dont test the rental income alone to the exemption limit of 2.5 lacs. you must take all your incomes.

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