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Taxability of property income changes under DTC

January, 10th 2012
The implementation of the proposed Direct Taxes Code (DTC), which seeks to replace the current Income-Tax Act, 1961 (the Act), is expected in April. While there are speculations on whether this deadline would be met, it certainly is on the anvil. We will take a look at the provisions on taxability of house property income under the revised draft of DTC which was released in August 2010 (DTC 2010) vis-a-vis the current Act.