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Is rental income from property taxable?- Property Hotline
Posted
July 28, 2016
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July 28, 2016
8,265
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3:43Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor.
Question: Is rental income from property taxable? Does this have to be declared?
Answer: Yes rental incomes are very much taxable. You can deduct municipal taxes and 30% standard deduction from the rentals as well as any interest payable on a loan taken to acquire that property without any limit. If this is a profit you will need to pay tax on it. If it is a loss it can be set off against salary income or business income.
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