Tax Relief for Homeowners: Double Self-Occupied Property Benefit Announced

The government announced changes allowing taxpayers to claim the annual value of two self-occupied properties as nil without conditions. The amendment, effective April 2025, aims to simplify provisions of the Income Tax Act, benefiting homeowners unable to occupy due to work commitments.

The government has unveiled a taxpayer-friendly move allowing individuals to declare the annual value of two self-occupied properties as nil, removing previous conditional requirements. This announcement came during Finance Minister Nirmala Sitharaman's Budget speech.

Historically, self-occupied properties' annual value could only be claimed as nil under specific circumstances. Recognizing taxpayer challenges, the proposed amendment to Sub-Section 2 of Section 23 of the Income Tax Act aims to ease the process.

Sitharaman stressed that the updated provision will simplify rules, applying to two properties at most. This amendment, effective April 2025, marks a significant shift in property tax regulations, reflecting the government's commitment to taxpayer relief.