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Income from rent

16 September 2018

If a person has a house on rent, he receives ₹5,000 rent every month. His annual income from rent is ₹60,000. How much tax is chargeable?

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3 Replies

Priyanka Jain (36 Points)
Replied 16 September 2018

if this is his only source of income then "nil"

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Tabinda Ali (65 Points)
Replied 17 September 2018

No, he is an employee too, his annual salary is more than ₹7,00,000.

Ashwin Kumar (1234 Points)
Replied 17 September 2018

I assume that the salary is gross amount after allowing all the repective perquisites and deductions. In that case his total income is rupees 7,48,000 [7,00,000 +(60000-30% under section 24A)]. there fore his taxliability is 48400 . He is not eligible for rebate under section 87A. the above answer has been given on the basis that the asessee has no other income except under the head "salaries" and "income from house property". The above answer may vary based on other factors.

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