« Top Headlines » Open DEMAT Account in 24 hrs   How to check income tax return (ITR) status  Income tax rules: How much cash can you receive in one day to avoid an I-T notice?  Tax saving tips: How you can reduce tax burden under the new regime  Condonation of delay under section 119(20) of the Income-tax Act, 1961 in filing of Form No. 9A/10/108/10BB for Assessment Year 2018-19 and subsequent assessment years  Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23  New GST form notified to help taxpayers adjust tax demand amount: Here's how to use  ITR filing deadline extended to November 15, 2024 for these taxpayers «  Higher rate of tax on foreign companies... Tax and legal due diligence of target company is key... » 50% property lease income now tax free October, 10th 2006 Landlords reluctant to rent out their properties may now have an incentive to do so. In order to bring in 15.8m unoccupied dwellings across the country in circulation, the government may consider increasing the limit of tax-free income, from property leasing, to 50% from the existing 30%. The exercise could be revenue neutral for the public exchequer as the government may simultaneously increase income tax on those residential properties, which are used for commercial purposes. According to a senior government official, the finance ministry is considering a proposal to remove tax on rental income from house property. The finance ministry has taken stock of our recommendation and has asked us to make changes in some clauses in the policy pertaining to rental income, said an official from the ministry of housing. Even as the draft National Housing Policy has asked for a complete waiver of tax on rental income, it is understood that the finance ministry may settle for 50%, he added. The National Housing and Habitat Policy, 1998, was formulated to provide shelter besides rationalisation of Stamp Duty and strongly recommended repeal of the Urban Land Ceiling Act (ULC) Act. The new Draft National Housing Policy has been re-framed to restore interest in housing and making it affordable. The policy has also suggested that residential properties, which are used for commercial purposes, be charged extra tax. The policy is currently under the consideration of committee of secretaries. It is estimated that several crore people will migrate to urban areas in the next decade as employment in the agriculture sector is falling. Hence, there is a dire need for the government to open up rental accommodations for new migrants to the urban centre providing the incentives to house owners, said a senior government official. Industry experts said that, if implemented, the move would see a substantial increase in end-user consumption of available properties. Currently, there is no dearth of supply in the real estate market. However, because of speculative buying, many such properties are getting locked. This move will definitely solve the housing problem to a great extent, Sanjay Verma, joint managing director, Cushman & Wakefield said. Experts add that in the absence of any concrete incentive in the rental market, selling pressures on property owners are also very high.