Tax on rental income from house property

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Tax on rental income from house property:- 

According to the Income Tax Act,rental income of a property is taxed under Section 24 in the hands of the owner, under the head 'income from house property'. However, the rent earned by letting out vacant land is not taxed under this category, but is taxed under 'income from other sources'. 

Is income from house rent taxable? 

For most employees, House Rent Allowance (HRA) is a part of their salary structure. Although it is a part of salary, HRA, unlike basic salary, is not fully taxable. Subject to certain conditions, a part of HRA is exempted under Section 10 (13A) of the Income-tax Act,1961. 

How much rent income is tax free? 

On standard deduction that property owner can claim on one's rental income Balwant Jain said, "Income tax department allows up to 30 per cent standard deduction on one's gross rental income.

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