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          <h1>Finance Bill 2024: Amended Section 28 clarifies rental income as 'Income from House Property' from April 2025.</h1> Clause 11 of the Finance (No. 2) Bill, 2024, amends section 28 of the Income-tax Act concerning profits and gains of business or profession. The amendment introduces Explanation 3, clarifying that income from letting out a residential house or part thereof by the owner will not be taxed under 'Profits and gains of business or profession.' Instead, it will be taxed under 'Income from house property.' This change is effective from April 1, 2025, applicable for the assessment year 2025-2026 and onwards.

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