Central Govt. of India's finance ministry will present his budget in July 6 , 2009 and Govt. decided to amend the rules of income tax on Rent . Govt. wants to increase the deduction rate of tax on Rent due to recession in Real estate Industry . Urban development minister suggests to exempt income tax on interest on home loan up to Rs. 300000 . After presenting budget income tax on Rent may reduce from 30% to 50 % .
In my view , it will boost the real estate industry . Moreover , this deduction will provide benefits to Crores of middle class Indians who live in rental house and it will also increase the margin of commercial rental companies .related Amendment in Service tax in 2009