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

Tax queries 174 views 2 replies

Nitin

22 Points Joined July 2018

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)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208750 Points Joined July 2016

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.

Nidhi

Chief Accountant

3150 Points Joined July 2020

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