Hello -
Need your help!. I have tried searching online for answers, and the more I read the more confusing it gets.
I have flat that I rented out for Rs. 20,000 / month. Is the yearly rental income subject to tax or are there any exemptions?
The reason I ask, I read an article that says " rental income will be tax-free if the Gross Annual Value (GAV) is less than ₹ 2.5 lakh." Is this correct? Should I include or exclude this rental income on my tax return?
Please advice.
Thank you!
CAclubindia
