Rental Income
Tax on the rental income from commercial properties and income from house property is proposed by DTC. The committee has suggested taxing needs to be done the same ways like that of business. The average deduction for repairs at housing properties etc., is 20 percent in DTC which is recommended to be improved. Deduction of housing interest for loan taken for self-occupied house has been suggested to include repairs and renovation loans as well. Consequently, when any loan is taken for repairs and renovation which needs to be completed in 3 years would qualify for deduction up to Rs.1.5 lakh. Currently, it is permitted up to Rs.30, 000.
Capital Gains
Security Transaction Tax (STT) to be omitted and capital gain tax system needs reverted back in for shares, securities and mutual funds, etc.
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