House Rent Rules Changed: In the general budget, the Modi government has brought a big update for those who rent out their houses. The government has made a big change in the rules to stop tax evasion by landlords. According to the new rules, now whoever rents out his house
House Rent Rules Changed: Do you have your own house and you rent it out? Then you may be shocked to read this news. Because the government has changed all the rules related to renting out houses. In such a situation, if you even think of renting out a house, then legal action can be taken against you. Actually, the change in the laws related to landlords and tenants was 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 can put those people in trouble who rent out their houses. Now it will not be easy for them to rent out their house. Actually, the government has brought a new rule for those landlords who work to save tax.
The new rule will be implemented from 2025
Actually, in the general budget, the Modi government has brought a big update for those who rent out houses. The government has made a big change in the rules to stop tax evasion by landlords. According to the new rules, now whoever rents out his house will have to pay tax to the government. According to the new rules, landlords will now have to show the income from the rented house as income from house property. Actually, income from house property means such income, any person has to pay tax on the income from his home property.
Big change in tax rules
In simple words, now tax will be levied on the income from the rented house. According to the Union Budget, the government has brought this rule for the landlords. Finance Minister Nirmala Sitharaman said that this rule will be considered applicable from April 1, 2025. However, under Income from House Property, a provision has also been made to give some exemption to the landlords. Now they will be able to save 30 percent tax of the net value of the property. This comes under tax deduction. This means that the government gives you exemption on many types of expenses.
