A crucial amendment in the taxation of the rental income from the residential property is been introduced in the Union Budget 2024. Finance Minister Nirmala Sitharaman to curb tax evasion has obligated that this income could merely be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from Business or Profession’ (PGBP) category. Under “Income from House Property” the available deductions are distinct from those under “Profits and Gains from Business or Profession.” You can claim the standard deduction of 30 per cent…