In 2011, demand for office and retail space in Bangalore showed robust growth, with a significant contribution from the IT and ITES sectors. Experts predict an even higher demand for office space in 2012.
India's revised Direct Tax Code (DTC), effective 2011, simplifies income tax laws, impacting real estate. Key changes include taxing actual rental income and retaining home loan interest deductions up to ₹1.5 lakhs.
The revised Direct Tax Code draft released on June 15 aims to simplify income tax laws, affecting short-term and long-term capital gains, rental income, and home loan interest rates.
Direct Taxes Code proposes changes to taxation of house property income, shifting from potential to actual or presumptive rent, calculated as 6% of rateable value or acquisition cost.