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

813 views
User Avatar

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?

0 Reply Share Follow
On 31 May 2023 at 20:02 Report
Replies (2)
Quick Summary
This discussion clarifies the tax-free threshold for rental income. It explains that the Gross Annual Value (GAV) being below £2.5 lakh does not automatically mean no tax is due. Your total taxable income, including salary and any other earnings, must be considered. If your combined income exceeds the basic tax exemption limit, you will be liable to pay income tax on your rental earnings.

User Avatar

SEO Sai Gr. Hosp.
212535 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.

1 Reply
On 01 June 2023 at 10:06
User Avatar

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.
Reply
On 01 June 2023 at 11:29

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidence requested for a Finance Professional with
  2. Expert Opinion Required – Form 140 Gross Amo
  3. WRONG TAX DEMAND - formal responses , rectificatio
  4. Foreign remittance
  5. Affordable Residential Flats in Gurgaon
  6. Manufacturing
  7. TAN REGISTRATION ON E-FILLING SITE
  8. Form 10-IEA – Continuing Old Regime
  9. Income tax act 2026
  10. Belated Return where Form 10IEA filed this year to

More recent discussions | Post

Related Topics :

Loading