Nation Other News 23 Jul 2021 Rental housing: Mode ...

Rental housing: Model tenancy act to overhaul legal framework

DECCAN CHRONICLE. | DC CORRESPONDENT
Published Jul 23, 2021, 6:59 am IST
Updated Jul 23, 2021, 8:40 am IST
The act has been circulated to all states / UTs for adoption by way of enacting fresh legislation or amending the existing laws
Tax limit for deduction at source on rental income was increased from the present Rs 1.8 lakh to Rs 2.4 lakh. — Representational image/DC
 Tax limit for deduction at source on rental income was increased from the present Rs 1.8 lakh to Rs 2.4 lakh. — Representational image/DC

NELLORE: The Model Tenancy Act (MTA) would help overhaul the legal framework with respect to rental housing across the country by establishing a time-bound and robust grievance redressal mechanism comprising the Rent Authority, Rent Court and Rent Tribunal to provide fast-track resolution of disputes.

Many other steps have been taken by the government for development of the rental housing sector, like income tax exemption on notional rent from one house to the second self-occupied house, raising the limit for tax deduction at source on rental income from the present Rs1.8 lakh to Rs 2.4 lakh etc.

 

Minister of state in the ministry of housing and urban affairs, Kaushal Kishore, stated this while replying to a question from Nellore MP Adala Prabhakar Reddy and others in Lok Sabha on Thursday.

He said the Union Government has taken suggestions from states/ Union Territories on the draft MTA and suitably incorporated these in the final draft.

The act has been circulated to all states / UTs for adoption by way of enacting fresh legislation or suitably amending the existing rental laws for future tenancies.

Meanwhile, Union minister for Micro, Small, and Medium Enterprises Narayan Rane said the government has simplified the Udyam Registration process for MSMEs by making it fully online, digital, paperless and based on self-declaration with effect from July 1, 2020.

 

Responding to a question of Nellore MP Adala Prabhakar Reddy in the Lok Sabha, the minister said no document or proof is required to be uploaded for registering a micro, small or medium enterprise.

Aadhaar and PAN numbers are required for registration. PAN & GSTIN linked details on investment and turnover of enterprises are taken automatically from the relevant government databases.

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