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

J P Sahoo (a) (46 Points)

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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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193904 Points)
Replied 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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veerendar singh (tax consultant) (3306 Points)
Replied 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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