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What is the rate? In the rate or rates enacted by Central Act there are numerous Assessment 12. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable for the tax payer.

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For example, if you get under $100,000 annually, nearly $25,000 of rental income losses become qualified as deductible, and you can save thousands of dollars on other income origins through this tax deduction. However, if you earn over $100,000 a year, this deduction begins to phase out, until it is completely gone for taxpayers earning $150,000 and above annually.

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