No more higher tax on vacant property as recommended in New Income Tax Bill 2025 due to suggestions by select committee

The Lok Sabha's Select Committee identified drafting issues in Clause 21 of the Income Tax Bill 2025, concerning the annual value of residential properties. Their key suggestions, including deleting "in normal course" and explicitly comparing actual rent with "deeming rent," prevent a higher tax liability for vacant house property owners. Read more.

from Tax-Wealth-Economic Times https://ift.tt/x5LgfFm