Rental Income

Tax Glossary Definition

Rental Income

Refers to earnings from renting out or leasing property. Under the Income Tax Act, such income is chargeable to tax under the head “Income from House Property.” Deductions are allowed for municipal taxes actually paid and a standard deduction of 30% under Section 24(a) to account for repairs and maintenance.

Example: Suppose the annual rent from a property is ₹2,00,000, and the owner has paid ₹15,000 as municipal tax. The taxable income would be ₹1,85,000 after applying the deductions.

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