Tag: Rent

In India, government levies tax on rental income through the ‘Income from house property’ section of the Income Tax Act of India. The law considers the rental income obtained as income accrued and hence makes it eligible for taxation irrespective of the residential status. So, any rent you receive by renting out your house or commercial or residential property, it is taxable. The tax rate applicable for calculating the income tax for the rental income depends on the income slab of the assessee, i.e., under which tax slab he/she is falling.A…