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

Tax queries 412 views 2 replies

46 Points Joined May 2012

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)

SEO Sai Gr. Hosp.

196676 Points Joined July 2016

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.

tax consultant

3306 Points Joined October 2018

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

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