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What happens if rental income is more than tax exemption limit?- Property Hotline
Posted
August 11, 2016
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August 11, 2016
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4:34Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali and Co LLP.
Question: I am currently paying EMI on a property. I have shown this property as a rented house. What happens if rental income is more than the tax exemption limit?
Answer: Firstly, you need to deduct municipal taxes from the rent received. From the balance amount, you can deduct 30% towards repairs and upkeep of the property. The interest paid is also deductible from such balance. The net amount arrived at is considered as Income from House Property. This will be added to your regular income. If this amount exceeds the threshold limit, you will have to pay tax on that amount.
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