If you have two houses or properties of your own possession, now according to taxation, the annual value of these two properties will be considered zero. Finance Minister Nirmala Sitharaman has announced in the budget speech on Saturday that taxpayers can claim the annual value of two self-conscious properties as zero. According to PTI news, however, in the budget speech, Finance Minister Nirmala Sitharaman also said that taxpayers will currently be able to do this claim only after fulfilling certain conditions.
Proposal to amend sub-section 2 of Section 23 of Income Tax Act
According to the news, in view of the difficulties faced by taxpayers, it is proposed to give benefits of two such self-conscious properties without any condition. According to the budget memorandum, the government has proposed to amend sub-section 2 of Section 23 of the Income Tax Act, which is related to the determination of the annual value of home properties.
This document states that the sub -section (2) of the said section provides that where the home property owner is in possession of his residence or the owner is in some other place due to his employment, business or profession in some other place. Can not occupy, in such cases, the annual value of such home property will be considered zero.
What is the provision in sub -section (4)
Sub -section (4) of the Act provides that the provisions of sub -section (2) will apply only in relation to two home properties, which are to be specified by the owner. The budget memorandum states, for the purpose of simplifying the provisions, it is proposed to amend the sub -section (2), so that it can be provided if the owner occupies it for his residence or for some reason in fact If it cannot occupy it, the annual value of the property made from the house or any part of it will be considered zero. The provision of sub -section (4), which gives this benefit in relation to only two such houses, will remain in force as before. This amendment will be effective from April 1, 2025 and then the tax assessment will be applicable from the year 2025-26.
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