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
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.
Naveen Fintech Pvt Ltd
Kolkata
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