how the rental income is calculated

Forums Budget 2017 how the rental income is calculated

how the rental income is calculated

I have 75000/- (6250/-p.m)rupees as rental income from my property. Kindly let me know in what manner I calculate taxable income

Profile photo of ashok gautam Asked By: ashok 1 replies 1 helpful answers Last Updated: 5 months, 3 weeks ago
  • Profile photo of ashok gautamashok
    Participant

    I have 75000/- (6250/-p.m)rupees as rental income from my property. Kindly let me know in what manner I calculate taxable income

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    First Calculate the annual rent – 6250*12 = 75000 this is your Gross Annual Value
    From the above GAV you can reduce Municipal taxes paid by you to arrive at NAV-Net Annual Value

    From the NAV you can deduct below two figures to arrive at the income/loss from house property
    1. Standard Deduction of 30% on the NAV
    2. Actual interest paid on the housing loan (if any for the house)

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