Rental Income from House Property: Owner Definition Under Income Tax Bill 2025 and Income Tax Act 1961

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..... ring it with Section 27 of the Income-tax Act, 1961. The provisions are crucial for determining ownership for taxation of income from house property. 2. Objective and Purpose Both provisions aim to: * Define who qualifies as an "owner" for taxation purposes * Prevent tax avoidance through certain property transfers * Establish deemed ownership in specific circumstances * Provide clarity .....

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..... More detailed language * Specifically mentions "individual owner" 3.4 Cooperative Society Members Bill 2025 [Clause 25(c)]: * Streamlined language * Maintains same substantial rights Act 1961 [Section 27(iii)]: * More verbose construction * Identical in substance 3.5 Rights in Part Performance Bill 2025 [Clause 25(d)]: * Direct reference to Transfer of Property Act * Clearer .....

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..... * Removal of certain definitions suggests simplified approach * More specific lease terms provide better clarity 5. Conclusion The 2025 Bill represents a modernization of ownership definitions with: * Clearer language * Expanded scope in certain areas * Removal of outdated concepts * More specific criteria for certain arrangements   Full Text: Clause 25 Interpretation
TMI .....

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