New delhi: The union budget 2025 presented brieft good news for homeows, as finance minister nirmala sitharaman announced new tax benefits. Under the proposed changes, homeows
The Budget Suggessts Ameding Section 23, Sub-Section (2) of the Income-tax Act which allows the annual value of a house or part of it to be considered as nil if the owner owner is do so For any reason.
“Presently Taxpayers can claim the annual value of self-occupied properties as nil only on the fullfillment of certain conditions,” Finance minister Sitharaman Said During a Budget She also added that considering the differenties Facted by Taxpayers, it is proposed to allow the benefits of two soch self-occupied properties without any condition.
In addition, the government has proposed raising the annual threshold for tax deduction at source (TDS) on Rent from Rs 2.4 Lakh to Rs 6 Lakh. This increment will benefit small taxpayers and landlords by reviewing the number of transactions liable for tds.
The monthly TDS Limit on Rent has been increased from Rs 24,000 to 50,000, which Amounts to Rs 6 Lakh Annually. “I propose to rationalise tds by reduction the number of rates and thresholds about which tds is deducted,” FM Sitharaman said in her budget speech.
The Finance Minister Added that Further, Threshold Amounts for Tax Deduction will be increased for better Clarity and Uniformity. According to the finance minister, this change will provide relieve to small taxpayers receiving modest Rental Payments.