sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax

Check Your Booth
Details (North)

News Search:
Latest Expert Exchange
News Headlines »
 Notification No. 96/2018 -Central Board Of Indirect Taxes And Customs
 Here’s how you can check your ITR refund status online
 Your tax form will be filled by the taxman Income tax return (ITR) filing
  Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
  Companies (cost records and audit) Amendment Rules, 2018
 Income tax, TDS rules explained in 10 points EPF withdrawal
 CBIC extends due date for filing of FORM GSTR-7 for the months of Oct to Dec till Jan 31st 2019
  How much income tax salaried individuals can save for FY 2018-19?
 Here's how you can lighten your income tax burden
 5 easy ways to e-verify your ITR
 New return forms and lower refund outgo to push up GST collections

Vacant properties rebate may go
January, 24th 2007

Finmin may withdraw the 30% rebate on the total rental value of unoccupied properties. 
 
As part of its plan to cut back on tax exemptions, the finance ministry may withdraw the 30 per cent rebate available on the total rental value of unoccupied properties in the forthcoming Union Budget. 
 
At present, if a house owner keeps his property vacant (does not rent it out partially or fully), he can claim a tax rebate equivalent to 30 per cent of the rental value of that property from his annual taxable income. 
 
In effect, if the annual rental value of a three-bedroom house is Rs 3 lakh, the owner of the vacant property can claim a deduction of Rs 90,000 from his annual taxable income. 
 
Official sources say the Ministry of Housing and Poverty Alleviation has recommended the change for the 11th Five-Year Plan period that begins in 2007-08. Such a move will have a two-fold impact. 
 
According to Vinoy Krishna, principal consultant, PricewaterhouseCoopers, it would increase the housing stock in the market, since owners would be encouraged to rent out their properties. Second, greater availability might decrease rental rates. 
 
In fact, there were indications that the government was considering a parallel move to increase the rebate from 30 per cent to 50 per cent for house owners who rented out residential properties, Krishna added. 
 
At present, the annual value of a vacant property can be determined by the estimated market rate in that area or by the actual rental paid for it. 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions