07 January 2024
Hi, I just wanted to know weather income from house property below 2 lakhs, is to be declared in the ITR. This year my income from business will be approx 10 lakhs and I have a appartment which I have given on rent for Rs.14,500/- per month. So am I liable to pay income tax on the rental income? Thankyou.
14 January 2024
The income from house property is computed on the basis of its annual value. Various factors such as municipal valuation, fair rent, standard rent, and actual rent are considered to arrive at an annual value.
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