New Delhi, Feb 2 : The Union Budget 2025 presented brought good news for homeowners, as Finance Minister Nirmala Sitharaman announced new tax benefits. Under the proposed changes, homeowners will now be able to claim a nil valuation for two self-occupied houses instead of just one, as was previously allowed.
The Budget suggests amending Section 23, sub-section (2) of the Income-tax Act which allows the annual value of a house or part of it to be considered as nil if the owner occupies it for personal residence or is unable to do so for any reason. “Presently taxpayers can claim the annual value of self-occupied properties as nil only on the fulfillment of certain conditions,” Finance Minister Sitharaman said during a Budget presentation in Parliament. She also added that considering the difficulties faced by taxpayers, it is proposed to allow the benefit of two such self-occupied properties without any condition.