At present , a person who takes a house on lease exceeding 12 years are deemed owner for the purpose of income from house property . This is given in section 27 of the I T Act. Read below for quick reference 27. For the purposes of sections 22 to 26- (i)… (ii) ….. (iii) .....
Does Direct Tax Code 2010 allow Interest deduction from house property income?
September 6, 2010 by
First the postive news ! Under the Income Tax Act 1961 , if you have more than one property, there was provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such aconcept has been abolished.
Is notional rent on house not let out, taxable under Direct tax Code 2010?
September 6, 2010 by
No. This is great relief and right relief for all persons having more than one house . Under the Income Tax Act 1961 , if you have more than one property, there is provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such a concept has been abolished.
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