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income from house property

Ramit (Accountant) (121 Points)

21 December 2018

If a person having income only from house property for eg his rental income @ 23000/- per month, so he need to file itr?

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Aman Kumar (Accounts Executive) (744 Points)
Replied 21 December 2018

Yes,when your income is more than 250000 Anually,so you need to file ITR

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Ramit (Accountant) (121 Points)
Replied 21 December 2018

how to calculate income tax payble on income from house property?

Aman Kumar (Accounts Executive) (744 Points)
Replied 21 December 2018

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax Slabs	Tax Rate	Health and Education Cess
Income up to Rs 2,50,000*	No tax
Income from Rs 2,50,000 – Rs 5,00,000	5%	4% of Income Tax
Income from Rs 5,00,000 – 10,00,000	20%	4% of Income Tax
Income more than Rs 10,00,000	30%	4% of Income Tax

Rental Income(Monthly) = 23000/-

Rental Income Yearly = 23000*12

= 276000/-

So 276000-250000

Taxable Amount= 26000

Tax = 26000*5%

= 1300

Healath & Education Cess = 1300*4%

= 52

Total Tax = 1300 + 52

= 1352 /-

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Aman Kumar (Accounts Executive) (744 Points)
Replied 21 December 2018

but yo don't need to pay tax ,As per the the Finance Bill 2017, an Indian resident earning more than Rs 3,50,000/per annum, is entitled to claim rebate under section 87A. Rebate under section 87A is allowed up to a maximum of Rs 2,500. It means the amount of rebate will be lower of either Rs 2,500 or 100% of the income-tax liability.