Budget 2025: Rs. Tax exemption on income of 12 lakhs is not only one .. Both of these are good news in the budget!

Budget 2025: Rs. Tax exemption on income of 12 lakhs is not only one .. Both of these are good news in the budget!

Budget 2025: Middle class people Rs. The central government has given tax exemption on income up to Rs 12 lakh. They, 1. Homeowners can now claim tax deduction for two self-conscious assets instead of one. 2. The range of TDS exemption on rent has increased from Rs 2.4 lakh to Rs 6 lakh. Both benefit the owners and tenants of the middle class house.

Another self -home

The budget is relieved to the owners of the house with 2025 several assets. Earlier, a person would be able to get a house as a self-conscious property and get tax cuts. If there is any additional self-conscious property, they will have to pay tax under ‘upcoming rental fares’. While there was no fare income from another house, the owner had to pay tax on notorious rent. It put an unnecessary tax burden on it. According to the proposal offered by the budget in 2025, the owners of the house can claim two houses and assets that are homes for themselves. Therefore, if they do not have any fare income from another property, there is no need to pay any tax related to that house. This decision reduces tax burden on two houses, or people with property. This will promote real estate investment.

Let’s see the example.

Let us consider Soumya Das, who has two assets in Mumbai and Kolkata. He lives in Mumbai with his wife and two children. His parents live in their Kolkata house. So, both property is self -in -inwing. But before the budget, he had to pay Rs 40,000 per month or Rs 4.8 lakh per year and had to pay tax on it. Das had to pay a tax of Rs 4.8 lakh, even if he did not get a single rupee from the house. Now, the budget allows two assets as self -ay as 2025, 4.8 lakh rupees will no longer be considered rental income. Therefore, the DAS does not have to pay income tax on this income.

TDS limit on rent up to Rs 6 lakh

In the past, the tenant had to pay a rent of more than rupees per year, with exclusion of tax deduction (TDS) at the source before paying rent. After the boycott of TDS, the remaining amount is given to the owner. At the time of filing ITR, the TDS certificate issued by the owner will claim tax exemption by showing the certificate. Now, that limit is Rs. 2.4 lakh to 6 lakh rupees. For example, Anil Ghosh of Kolkata is Rs 40,000 per month. Earlier, the tenant had to exclude TDS at a rate of 10 percent on rent paid. Hence Singh received Rs 36,000 on rent. Singh claimed TDS refund while filing returns. Now, with a limit of up to Rs 6 lakh with an increase of TDS, there is no discount before TDS. In this way, lion gets full fare. This will benefit small buildings for their livelihood.

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