Tax exemption on income from rent of let out property

Hello,

I read on my websites that there is an exemption on income from rent of let out property if the gross annual value (total rent received in a year) is less than Rs. 250000. This means no tax on rental income for annual rent upto Rs. 250000. Is this correct?

And if yes, in which schedule of ITR2, this exemption can be claimed since in ITR2 system is considering the income from rent as taxable even if the total rent in the year (before std deduction and municipal taxes) is less than Rs. 250000.

And also is this exemption applicable in both new and old tax regimes?

Kindly help me out on this.