Hello,
I would like to know the following. Can someone help?
1. What should be the minimum annual income from Rent of Property to come in tax bracket?
2. What are the standard deductions before computing income tax on rental? Assuming I don't have a loan to pay on the property.
3. Are the tax on rental income same for NRE and residents?
Rental income taxation: questions on taxable threshold, allowable standard deductions, and residency-based treatment. Query concerns taxation of rental income in India, asking (i) the minimum annual rent that triggers taxable inclusion, (ii) the standard deductions allowable when no loan exists, and (iii) whether tax treatment differs for NRE versus resident taxpayers. The sole reply in the forum requests clarification and does not resolve these issues. (AI Summary)