Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

Govt mulls tax cut on rental income for aged
January, 21st 2008
Budget 2008 may bring cheer to senior citizen who let out their property on rent. The government is considering a proposal to exempt tax on rental income for senior citizens. At present, every age group enjoys tax exemption of 30% on rental income.

Sources said since senior citizens own only a minority of the houses that are offered on rent, it would not put too much pressure on the exchequer if the proposal is implemented and hence, stands a good chance of approval.

The National Housing and Habitat Policy has also recommended an increase of the tax exemption limit for rental income. The policy was cleared by the Cabinet in November.

The ministry of urban housing and poverty alleviation is of the view that the proposal if cleared in the budget would unlock several millions of houses for rental accommodation.

The ministry has also mooted a proposal to increase the tax exemption limit from 30% to 50% in case for all rental earnings. According to government estimates, around 16 million houses in the country which are unoccupied can 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.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions