look news india
If you have your own house and you give it on rent, then this news may surprise you. Because the government has changed the rules related to renting houses. In such a situation, if you are also thinking of renting a house, then you may face a lawsuit. It is known that the changes in the laws related to landlord and tenancy were announced by Union Finance Minister Nirmala Sitharaman some time ago while presenting the general budget in the 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 rent a house. It is known that the government has brought a new rule for building owners who work to save tax.
The new rule will come into effect from 2025.
Actually, in the general budget, Modi government has given a big update for those renting houses. The government has made major changes in the rules to curb tax evasion by landlords. According to the new rules, the home owner will now have to show the rental income as income from house property. It is known that income from house property refers to the income that a person has to pay on the income he earns from his house property.
Changes in tax related rules
If you understand in simple words, now there will be tax on rental income. According to the Union Budget, the government has brought this rule for building owners. Finance Minister Nirmala Sitharaman said that this rule will be implemented from April 1, 2025. However, there is also a provision to give some concessions to landlords under income from house property. Now they can save 30 percent of the net value of the property. This comes under tax deduction. This means that the government gives you concessions on many types of expenses.
