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

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38 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?

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On 31 May 2023 at 20:02 Report
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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.

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SEO Sai Gr. Hosp.
121407 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.

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On 01 June 2023 at 10:06
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tax consultant
1829 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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On 01 June 2023 at 11:29

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