New House Rent Rules: Landlords to Show Their Rental Income in the Form of Taxable Income

Big news for rental property owners! A new tax law has been implemented by the government. Union Finance Minister Nirmala Sitharaman gave the information about the government’s move to Parliament while presenting the General Budget.

Big Change in the House Rent Rules

A new tax law has been implemented by central government, which requires landlords to show their rental income in the form of taxable income and it is mandatory. With the government’s decision, landlords will have to show every source of rental income in their tax returns.The government has introduced this rule to prevent tax evasion, which can be a challenge for homeowners. In addition, the objective of the government is to ensure that the tax is paid correctly on the income.

Because earlier landlord used to hide their income and save tax by not having rent agreement, but now this is not possible. Under the new law, landlords will now have to declare all rental income, failing which they will be fined. Landlords will have to follow this rule while filing their tax returns in the coming financial year.

India is a populated country. With a population of 140 million, India has overtaken China and reached the first place. In such a dense population, a large number of people do not have their own homes or they are living on rent in other cities for work. In such a situation, the business of renting houses in India is growing. In cities like Delhi, Noida, Gurugram and Faridabad, people earn a lot from renting houses. But now the central government has made a big change in the house rent rules. Under the new rules, it will not be easy to rent your house to someone.

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