Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the all-in-one-seo-pack domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/globalindia/public_html/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the capital-core domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/globalindia/public_html/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the yotuwp-easy-youtube-embed domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/globalindia/public_html/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the forminator domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/globalindia/public_html/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the breadcrumb-navxt domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/globalindia/public_html/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the capital domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/globalindia/public_html/wp-includes/functions.php on line 6121
Budget 2019: Income tax on deemed rent from second house removed » Global Indian Solutions

Budget 2019: Income tax on deemed rent from second house removed

Finance, General, News, NRI, Taxation

The interim finance minister abolished income tax on notional rent from the second self-occupied house, benefiting those with two houses but no outstanding loan on the second one. “Since most people don’t have housing loans running on their self-occupied second house, this will benefit them. The main advantage of this move is operational – it does away with disputes regarding the computation of notional rent,” said Suresh Surana, founder, RSM India.

However, it will complicate matters for those with outstanding loans on their second house. “This is because the general taxation rule is that once an income source becomes tax-free, deduction available on expenses related to that also goes,” said Surana. People who are using housing loan interest on their second house for tax planning will take a hit because the maximum interest benefit allowed on both these houses will now be restricted to Rs 2 lakh.

Read Full Article