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.
Five simple rules of taxation of income from house property under DTC 2010.
September 6, 2010 by
The Direct Tax Code has really simplified the taxation of income from house property. Following are the most important provisions for taxation of income from house property:
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Quiz for CA/ICMA/CS Students