The Private Residential Lease rules apply to income derived on or after 1 January 2020 from a private lease. Provided the lease have a duration of 2 years or more and it is registered with the Housing Authority as a long private residential lease. It shall also apply to leases which were entered into prior to the enactment of the Act, but were renewed after 1st January 2020.
A person who opt to have such rental income to tax at 15% on the gross rent can get a tax rebate. The rebate is granted as a deduction from the tax chargeable at 15% on rent.
The applicable tax rebate is of:
|Duration of the lease||Number of bedrooms||Tax rebate|
|At least two but less than three years||One||€200|
|Three year or more||One||€300|
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