TDS exemption on Rent u/s 194 I
The government proposed to hike the TDS exemption limit applicable to payment of rent from Rs. 1,80,000 to Rs. 2,40,000 per year. As per existing tax rules, the tenant other than entities including salaried individuals is required to deduct TDS on payment of rent above Rs. 1.8 lakh in a year. Once the new rules take effect, such TDS will become applicable only if the annual rent exceeds Rs. 2,40,000.
Housing for All
The government proposed to extend the benefits under Section 80(i)BA of the Income Tax Act by one year. That means all housing projects registered under the Real Estate Regulatory Act by March 31, 2020 would come under its ambit.
Under the government's affordable housing scheme, projects with units up to a carpet area of 30 square metres in four metros, under certain conditions, benefit from a 100 per cent profit deduction.
Tax on notional rent exempt on second self-occupied house
The government has extended the benefit of rollover of capital gains from investment in one residential house to two residential houses under certain conditions. This benefit will apply to taxpayers having capital gains up to Rs. 2 crore and can be availed once in a lifetime,
The government proposed to hike the TDS exemption limit applicable to payment of rent from Rs. 1,80,000 to Rs. 2,40,000 per year. As per existing tax rules, the tenant other than entities including salaried individuals is required to deduct TDS on payment of rent above Rs. 1.8 lakh in a year. Once the new rules take effect, such TDS will become applicable only if the annual rent exceeds Rs. 2,40,000.
Housing for All
The government proposed to extend the benefits under Section 80(i)BA of the Income Tax Act by one year. That means all housing projects registered under the Real Estate Regulatory Act by March 31, 2020 would come under its ambit.
Under the government's affordable housing scheme, projects with units up to a carpet area of 30 square metres in four metros, under certain conditions, benefit from a 100 per cent profit deduction.
Tax on notional rent exempt on second self-occupied house
The government has extended the benefit of rollover of capital gains from investment in one residential house to two residential houses under certain conditions. This benefit will apply to taxpayers having capital gains up to Rs. 2 crore and can be availed once in a lifetime,
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