The Union Budget 2024 has introduced an important change in the taxation of rental income from residential property. To curb tax evasion, Finance Minister Nirmala Sitharaman has mandated that such income can only be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from Business or Profession’ (PGBP) category. Our Partner Kunal Savani shares his views on this in an article published by Business Standard. (Photo Credit: Business Standard)
