{"id":3278,"date":"2019-03-11T05:22:22","date_gmt":"2019-03-11T05:22:22","guid":{"rendered":"http:\/\/ambikarealcon.com\/florence\/?p=3278"},"modified":"2019-03-11T05:35:02","modified_gmt":"2019-03-11T05:35:02","slug":"tax-benefits-for-property-owners-in-2019","status":"publish","type":"post","link":"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/","title":{"rendered":"Tax benefits for property owners in 2019"},"content":{"rendered":"\n<p>Property tax has been the bone of contention for several\nyears. Common citizens of the country had typical complaints about tax payment\nfor owning a property or more than one property. The 2019 Union Budget was\nannounced by finance minister Piyush Goyal recently. In the budget it the\nminister announced a bunch of benefits for property owners. Let have a look at\nthem in this blog. <\/p>\n\n\n\n<p>Mainly, the ministry of finance made three prominent\nannouncements. They are:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"474\" src=\"https:\/\/ambikarealcon.com\/florence\/wp-content\/uploads\/2019\/03\/Tax-benefits-for-property-owners-in-2019.jpg\" alt=\"\" class=\"wp-image-3279\" srcset=\"https:\/\/ambikarealcon.com\/florence\/wp-content\/uploads\/2019\/03\/Tax-benefits-for-property-owners-in-2019.jpg 800w, https:\/\/ambikarealcon.com\/florence\/wp-content\/uploads\/2019\/03\/Tax-benefits-for-property-owners-in-2019-300x178.jpg 300w, https:\/\/ambikarealcon.com\/florence\/wp-content\/uploads\/2019\/03\/Tax-benefits-for-property-owners-in-2019-768x455.jpg 768w, https:\/\/ambikarealcon.com\/florence\/wp-content\/uploads\/2019\/03\/Tax-benefits-for-property-owners-in-2019-280x166.jpg 280w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Second self-occupied property exempted from tax on Notional rent<\/h3>\n\n\n\n<p>Until now property owners had to pay tax on notional rent on\nthe second property that they own, irrespective of whether it accrues any rent\nincome or not. Now, the tax payers are exempted from paying tax for their\nsecond property if it not fetching any rent, especially in cases where the\nproperty is occupied by family members. This happens in cases when someone\u2019s\nnative home is possessed by parents or relative. In the union budget it was\nannounced that tax payers can claim two owned houses as self-occupied and\nexempted from paying any tax on such notional rent if such property is not\nrented out. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">TDS limit increase for rental income<\/h3>\n\n\n\n<p>Another big benefit for real estate owners is the increase\nin the limit for rent on which the tax is deducted prior to the payment of\nrent. The tenant will have to get the tax deduction done if their annual rent\nexceeds Rs 2.4 lakhs. Earlier, this limit was Rs 1.8 lakhs. The tax will be\ndeducted at source unless the tenant is an individual or belong to Hindu Undivided\nFamily (HUF).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Section 80 (i) Income Tax benefits <\/h3>\n\n\n\n<p>The Union budget announced the extension of benefits under\nSection 80(i) BA of income tax act by one year. All the housing projects\nregistered under RERA by March, 2020 will be affected by this change. Real\nestate projects with carpet area limited to 30 square meters will gain from\n100% profit deduction. However, this law is applicable under certain terms\n&amp; conditions.&nbsp; <\/p>\n\n\n\n<p>These announcements have brought a new lease of life for the\nproperty owners who were in tremendous pressure to pay property tax, or shelve\nout tax on rent. But the government initiative of \u2018housing for all\u2019 through the\nunion budget is likely to boost real estate business in India. For more details\none can go through the government website to learn about the changes and the\neffects it will make on general population. <\/p>\n\n\n\n<p>It is high time to get your own&nbsp;<strong><a href=\"https:\/\/ambikarealcon.com\/florence\/chandigarh-property\/\">property in Chandigarh<\/a><\/strong>. The steady rise in the real estate prices provides a good scope to invest in real estate of Tricity. Remember, property prices in Chandigarh are expected to rise steadily in the next 2-5 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property tax has been the bone of contention for several years. Common citizens of the country had typical complaints about tax payment for owning a property or more than one property. The 2019 Union Budget was announced by finance minister Piyush Goyal recently. In the budget it the minister announced a bunch of benefits for<\/p>\n","protected":false},"author":1,"featured_media":3279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-3278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax benefits for property owners in 2019 - La Parisian<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax benefits for property owners in 2019 - La Parisian\" \/>\n<meta property=\"og:description\" content=\"Property tax has been the bone of contention for several years. Common citizens of the country had typical complaints about tax payment for owning a property or more than one property. The 2019 Union Budget was announced by finance minister Piyush Goyal recently. In the budget it the minister announced a bunch of benefits for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"Florence Park\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ambikarealcon\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/ambikarealcon\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-11T05:22:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T05:35:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambikarealcon.com\/florence\/wp-content\/uploads\/2019\/03\/Tax-benefits-for-property-owners-in-2019.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"474\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ambika Realcon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TeamAmbika\" \/>\n<meta name=\"twitter:site\" content=\"@TeamAmbika\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ambika Realcon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/\"},\"author\":{\"name\":\"Ambika Realcon\",\"@id\":\"https:\/\/ambikarealcon.com\/florence\/#\/schema\/person\/89416e997e8806f682bc7bde50bd45b7\"},\"headline\":\"Tax benefits for property owners in 2019\",\"datePublished\":\"2019-03-11T05:22:22+00:00\",\"dateModified\":\"2019-03-11T05:35:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/\"},\"wordCount\":458,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ambikarealcon.com\/florence\/#organization\"},\"image\":{\"@id\":\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ambikarealcon.com\/florence\/wp-content\/uploads\/2019\/03\/Tax-benefits-for-property-owners-in-2019.jpg\",\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/\",\"url\":\"https:\/\/ambikarealcon.com\/florence\/tax-benefits-for-property-owners-in-2019\/\",\"name\":\"Tax benefits for property owners in 2019 - 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