Tax break had engrossed more people to lease their land by dropping down the stress on housing. Yes, if people are gazing to rent their residences then they might experience the providential to make a decision about the outlook and the Tax breaks on self occupied residences were expected to lose their position in the governmental development which had provided a cause to be happy to those who had received leasing proceeds.
As said by the sources to the www.propertykhazana.com Government was thinking about passing the plan to give tax refund for the land occupiers which was occupied by the occupants. As per to the widespread norms any person who receives the leasing proceeds were requested to attach the received rent to his/her yearly income and taxed according to the appropriate prices. But, the Fiscal Ministry was still discussing on this plan which was planned by the Housing Ministry and in case if North Block also supervises on the influenced benefits from the plan then the persons income will be decreased. The cost of the approval was something which was decided later by the government.
Similarly, if the plan was passed then it would support the new rush to purchase the residences when they witness themselves benefited in two ways. Apart from enjoying the benefits on the interest on home loans then will be able to save on tax for the 2nd residence.
Source: NIMMA BENGALURU
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