New Rules For Home Rent: As everyone already knows, a new levy is coming into operation in November 2024. As per this rule, tax will be imposed on income from rent receivable to a landlord. Rental income from your house will be treated on par with income from farmhouse property. The new rule is to check increasing tax evasions. Let’s discuss it further.
New Rules For Home Rent
So far, no one has been paying taxes on income from houses, against which the government has brought this new rule; under this, the landlord will be liable for paying taxes that need to be shown to every source of income on an annual basis. Everyone knows that previously landlords did not sign agreements so that taxes might not be deducted on rental income. But now, no landlord can do this because it is being told that a heavy fine would be levied on the landlord and he might even have to go to jail if he is found doing so.
What is Income Farm House Property?
The rent income of your house has recently been declared taxable under farmhouse income property by the Central Government. If a property owner rents out the property under this rule, he will pay rent as income from farmhouse house property. Under the new law, failure to tax a landlord by the landlord would keep him open to persecution under the law by the government.
When did the new rule come into effect?
For your info, this new tax rule was on 01st November 2024. Let me also tell you that during the tax process for the year 2024-25, the landlords would also be required to pay Income Form House Property Tax. There are orders to act strictly against such landlords who are not showing their income properly.
Also Read: RBI New Guideline: RBI Issued New Rules Regarding CIBIL Score, See Details
Also Read: Sahara India Refund Start: New Installment Of Sahara India Refund Released, See Details
