« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.