Tax benefits on Income from house property

Will the new Direct Taxes Code be effective from next year or is it still to be cleared?

Direct Taxes Code is a comprehensive legislation for direct taxes, namely, the income tax and the wealth tax. The draft of the Code is circulated to invite public commentary
and reactions and after the suggestions are considered, incorporated and accordingly amended, the same would be placed before the Parliament for legislative approval and to be made into a law. After the approval of both the houses of parliament, the Direct Taxes Code will be applicable w.e.f. financial year 2011-2012. The Direct Taxes Code will then replace the present enactments namely, Income Tax Act, 1961 and the Wealth Tax Act, 1957, and the rules made thereunder. In case the same is not approved or delayed for any reasons, the present laws will continue to be in force.