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House Rent Rules Changed: Do you own your home and rent it out? So you may get a shock after reading this news. Because the government has changed all the rules related to renting houses. In such a situation, even if you think of giving your house on rent, legal action can be taken against you. In fact, changes in the laws related to landlords and tenants were recently announced by Union Finance Minister Nirmala Sitharaman while presenting the general budget in Parliament. The government has made major changes in the rules related to rent. The new rules may put people who rent out their homes in trouble. Now it will not be easy for them to give their house on rent. Actually, the government has brought a new rule for those landlords who try to save tax.
The new rule will come into effect from 2025
Actually, in the general budget, Modi government has brought a big update for those renting houses. The government has made major changes in the rules to prevent tax evasion by landlords. According to the new rules, now whoever gives his house on rent will have to pay tax to the government. According to the new rules, landlords will now have to show the income from rented accommodation as income from house property. Actually, income from house property means such income which any person has to pay tax on the income from his house property.
Big change in tax rules
In simple words, now the income from rented house will be taxed. According to the Union Budget, the government has brought this rule for landlords. Finance Minister Nirmala Sitharaman said that this rule will be considered effective from April 1, 2025. However, a provision has also been made to give some exemption to landlords under Income from House Property. Now they will be able to save 30 percent tax on the net value of the property. This comes under the purview of tax deduction. This means that the government gives you exemption on many types of expenses.