« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  Core cos borrowing abroad for power play to get tax sop... Regulator seeks NPS tax relief... » Govt may raise tax cap on rent income December, 05th 2007 House owners may be in for a bonanza this Budget. The government may increase the tax exemption ceiling on rental income from existing 30% to 50%. The National Housing and Habitat Policy, which has recommended an increase of the tax exemption limit after having been cleared by the Cabinet is likely to be tabled in Parliament. As the proposal deals with a taxation policy of the government, it is likely to be taken up in the Budget. According to government estimates, around 16 million houses in the country which are unoccupied will come into circulation. Last year, the government announced levy of service tax on commercial properties. If the proposal to increase the floor for tax concession on rental income goes through it can become a revenue neutral exercise for the Centre, a government official said. The official also said the move could encourage house owners to let out their properties, which lay vacant otherwise. It is estimated that crores will migrate to urban areas in the next decade as employment opportunities in the agriculture sector is decreasing by the day and rental housing is an appropriate way to accommodate a majority of the migrant population. According to experts, the move would see a substantial increase in end-user consumption of available properties. Shortage of houses in the urban areas is a major cause for concern.