India, Feb. 2 -- When homeowner Akhilesh Kumar learned about the new tax provisions for property owners in the budget announced by finance minister Nirmala Sitharaman on Saturday, he quickly calculated that he could save up to Rs.1.5 lakh annually on his rental income.

In her budget speech on Saturday, Sitharaman announced several measures aimed at easing the tax burden on property owners, including a significant increase in the threshold for Tax Deducted at Source (TDS) on rental income from Rs.2.4 lakh to Rs.6 lakh annually. This means TDS will now only apply when monthly rent exceeds Rs.50,000, up from the previous Rs.20,000 threshold.

"House owners who earn up to Rs.25 lakh from renting their property can save substantially from tax...