Income from house property clarifies taxable letting, allowable deductions, and loan-interest relief under the new code.
Income from letting of property is taxable under the Direct Tax Code head Income from House Property, which covers buildings and appurtenant land and may include industrial premises. Gross rent is rent received or receivable for periods the property is let; advance receipts and arrears are allocated to the relevant year with a prescribed deduction for arrears. Allowable deductions from gross rent include local taxes paid, a fixed repairs deduction, and interest on qualifying loans, with pre-construction interest spread over instalments. Separate rules apply for self-occupied or not-let properties under a tax-incentive provision with lender and claimant eligibility and a prescribed cap. (AI Summary)

Point of taxation rules determine when service tax is triggered based on invoice issuance, payment receipt, or advances.
Point of Taxation rules fix service tax liability at the earlier of invoice issuance, payment receipt, or receipt of advance, with distinct sequencing around rate changes and special rules for continuous supplies, specified persons and intellectual property payments; transitional exclusions and CENVAT credit adjustments (including reverse-charge and non-payment reversals) also apply. (AI Summary)