Pay Your Taxes On Rental Income by arunava

hive-167922 · @arunava · Dec 1 '22

$1.25

Pay Your Taxes On Rental Income

![image.png](https://files.peakd.com/file/peakd-hive/arunava/23zGq3VRESuVcHLS1U3FmRvqRsZ9wUo3iByW34Vdk1cZywyzWyQYG8pfwbBPXMiUsyixm.png)


### Have you paid taxes on your Rental Income?

If not then let me tell you that you are indeed liable to pay taxes on your Rental Income and this is something that I recently came to know about. We have our own Rental Income and never did it occur to us that we would have to pay taxes on that thankfully the Chartered Accountant we hired to file our Taxes had all of that in mind and filed them accordingly but if not then we could have been evading taxes without even knowing about it.

#### So How To Pay Taxes on Your Rental Income?

For starters if it's your own home and fully owned by you then you just add the rental income to your Salary or Annualised Income and pay taxes according to the tax slab that you fall under it is as simple as that. But if you have bought a home with a Home Loan and are now paying EMIs every single month with your Rental Income then you may be able to claim some significant Tax Deductions.
So as per the Tax Code, you may be able to claim tax rebates of up to the amount of EMI you pay every single month for your Home Loan but the amount shouldn't exceed 1.5 Lac which is the max exemption you can claim.

So yeah it seems to buy a house on Home Loan does have some advantages to it and if you are someone who hasn't paid taxes on your Rental Income then do include them in your next ITR Filing as I feel like we all should be transparent about the Income we make to make things easier for everyone.



![image.png](https://files.peakd.com/file/peakd-hive/arunava/23ynMzJiApWJV3693dAkhinwiJHUntHC7SvSkeXVHeRsvrQGEMH9yUiSyQRnoyfGpWviY.png)


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