Income Tax Relief u/s 87a if income source is only through rental income

Relief u/s 87a if income source is only through rental income
Suppose my income source is only through rent which i received from tenants whose total value would be less than 5Lac. So can i eligible for Relief u/s 87a of income tax ?

Is standard deduction of 50K also i can claim ?

Please confirm. 

 

Thanks

Nitin

Replies (2)
Quick Summary
This discussion clarifies eligibility for Section 87A income tax relief when your sole income source is rental earnings below £5 lakh. It confirms that you can indeed claim the rebate under Section 87A. However, the standard deduction of £50,000 is only applicable to salary income, not rental income. For rental income, a 30% standard deduction on the gross rental amount is permissible.

Standard deduction for rental income is 30% of gross income; but not Rs. 50,000/- (that is for salary)

Yes, rebate u/s. 87a of IT act can be claimed.

STD deduction of Rs. 50,000 is available against a salary income.
From rent income std deduction of 30% is available.
Rebate u/s 87A is also available in your case

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register