Discover the Tax-Free Limit for Rental Income in India
Learn how much rental income is tax-free in India and explore key deductions to maximize your savings.
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In India, rental income up to INR 2.5 lakh per annum is tax-free under the current tax exemption limits. This means if your total income, including rent, is below this threshold, you owe no tax. Additionally, you can claim deductions like 30% standard deduction on net annual value, interest on home loan under Section 24(b), and principal repayment under Section 80C, which can further reduce taxable income.
FAQs & Answers
- How much rental income is tax-free in India? In India, rental income up to INR 2.5 lakh per annum is tax-free.
- What deductions can I claim on rental income in India? You can claim a 30% standard deduction on net annual value, interest on home loan under Section 24(b), and principal repayment under Section 80C.
- What are the tax exemption limits for rental income in India? The tax exemption limit for rental income in India is INR 2.5 lakh per annum as per the current regulations.
- Does my total income affect my tax on rental income? Yes, if your total income, including rental income, is below INR 2.5 lakh, you owe no tax on that income.