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How to claim deductions, save tax on rental income
Hindustan Times West UP
|December 12, 2024
Rent can be an additional source of income for salaried individuals who have invested in property.
While real estate as an investment may have its challenges in terms of liquidity and high capital requirement, rental income can complement one's salary.
However, rental income is taxed at the individual's slab rate. But there are deductions available on rental income for individuals who choose to stick with the old tax regime.
If you are in receipt of rental income, you can first get a deduction on municipal taxes. Then on the balance, there is a standard deduction of 30%, which accounts for repairs, maintenance and all other expenses.
Cette histoire est tirée de l'édition December 12, 2024 de Hindustan Times West UP.
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