New Income Tax Bill 2025: If you are an income tax payer, then this news can be special for you. Let us tell you that recently, the new income tax bill has been introduced by the central government. After the introduction of this income tax bill, landlords across the country have received a lot of relief. Let us tell you that according to this rule of the government, tax on income from rent will be levied directly on your net annual value. This means that after deducting the municipal tax from the total rent, money will be saved. Tax will also have to be paid on the same. If this happens, the landlords will suffer a lot. But the government has clearly stated that tax will be levied only on net rent.
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What is Net Annual Value?
Talking about net annual value, it means that it is from the total rent received throughout the year. In which the tax paid to the Nagar Nigam will be reduced. Understand by example, if the rent of a house per year is Rs 5 lakh, then Rs 50 thousand has been given to the Municipal Corporation as tax. In such a situation, net rent will be considered as Rs 4.5 lakh. Similarly, a tax of Rs 4.5 lakh will be levied.
Landlords will get a 30 percent standard deduction
For information, let us tell you that the government has clearly stated that there will be a standard deduction of 30 percent on net rent. This means that 30 percent will be directly deducted from the net rent amount. Due to this, the amount to be paid in tax will be reduced. This deduction also includes maintenance, repair of the house, and other expenses.
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How much discount will be given on the interest on the home loan?
Let us tell you that one special thing in this new bill of the government is that if the landlord has taken a home loan on the property, then its pre-construction interest will also be exempted from tax. Earlier, this exemption was available only on the property from which he used to buy himself. But now this will also apply to the property given on rent. If there are joint owners of the property, then they will also get a separate tax exemption. Earlier, it was very difficult to calculate the tax. But in this bill of the government, all the rules have been clarified.