Income from House Property

Remove proposed Restriction on set-off of loss from House property: ICAI

Income Tax - The Finance Bill 2017 proposes to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property against any other head of income shall be restricted to two lakh rupees for any assessment year....

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HRA Taxability & Section 80GG Deduction on Rent Paid

Income Tax - House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certain conditions, a part of HRA gets exempted under Section 10 (13A) of the Income-tax Act. The tax benefit on HRA is available only to a salaried individual who has the...

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House Property Remained Vacant – Check Out How to Calculate Your Income Tax Liability

Income Tax - Income Tax Act, 1961 allows only 1 house property to be declared as Self occupied while all others are compulsorily required to be declared as rented out. In case of Property which is let out there exists a concept of Deemed Annual Value...

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Two Clauses that should be Removed from Finance Bill 2017

Income Tax - Article discusses two clauses of finance bill 1. Restriction on the Loss On House Property and 2. Penalty For Furnishing Incorrect Information In Reports Or Certificates which are detrimental to the economy, tax payer and the intermediary between the tax payer and the tax authorities i.e. the tax representatives....

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Budget restricts set-off of loss from House property to Rs. 2 Lakh

Income Tax - It is proposed to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property"against any other head of income shall be restricted to two lakh rupees for any assessment year....

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Rent Income and Tax Provisions

Income Tax - Tax on rental income - The rental income is added to the taxable income and tax liability is based on the tax slabs. Up to 30 percent of rental income can be deducted towards maintenance of the rented place and for payment of property tax etc....

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SC on income from property: Is it is chargeable as house property Income or business income

Raj Dadarkar & Associates Vs. ACIT (Supreme Court of India) - merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income is to be treated as income from business...

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Rent for amenities if not separable from Rent is House Property Income

M/s. Sree Seshachala Builders Ltd. Vs Deputy Commissioner of Income Tax (ITAT Bangalore) - These appeals are preferred by the assessee against the order of CIT(A) on common grounds. Therefore, these appeals were heard together and are being disposed off through this consolidated order....

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S. 24(b) Interest on Loan taken to repay earlier Loan on property allowable

DCIT Vs M/s. Patton Developers Pvt. Ltd. (ITAT Kolkata) - Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961?...

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Notional rent on security deposit cannot be considered to calculate annual value

Commissioner of Income Tax Vs. Jubiliant Enterprises Pvt. Ltd. (Bombay High Court) - Assessing Officer to delete the 12% interest charged by him, on the interest free deposit received by the assessee, to determine the ALV of the rented property ignoring the well settled judicial principle that what is important is the real nature of transactions in the relied on case supra and not t...

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Rent cannot be treated as other income for not recording construction expense in books

M/s. Ramairen Properties Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi) - Construction expenses not recorded in books of account, cannot be a ground for assessing rental income under the head income from other sources when conditions of Section 22 of Act for assessing annual value of property have been fulfilled by assessee....

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Income from House Property’s Popular Posts

Recent Posts in "Income from House Property"

SC on income from property: Is it is chargeable as house property Income or business income

Raj Dadarkar & Associates Vs. ACIT (Supreme Court of India)

merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income is to be treated as income from business...

Read More

Rent for amenities if not separable from Rent is House Property Income

M/s. Sree Seshachala Builders Ltd. Vs Deputy Commissioner of Income Tax (ITAT Bangalore)

These appeals are preferred by the assessee against the order of CIT(A) on common grounds. Therefore, these appeals were heard together and are being disposed off through this consolidated order....

Read More

S. 24(b) Interest on Loan taken to repay earlier Loan on property allowable

DCIT Vs M/s. Patton Developers Pvt. Ltd. (ITAT Kolkata)

Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961?...

Read More

Notional rent on security deposit cannot be considered to calculate annual value

Commissioner of Income Tax Vs. Jubiliant Enterprises Pvt. Ltd. (Bombay High Court)

Assessing Officer to delete the 12% interest charged by him, on the interest free deposit received by the assessee, to determine the ALV of the rented property ignoring the well settled judicial principle that what is important is the real nature of transactions in the relied on case supra and not the facts?...

Read More

Remove proposed Restriction on set-off of loss from House property: ICAI

The Finance Bill 2017 proposes to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property against any other head of income shall be restricted to two lakh rupees for any assessment year....

Read More
Posted Under: Income Tax | ,

Rent cannot be treated as other income for not recording construction expense in books

M/s. Ramairen Properties Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi)

Construction expenses not recorded in books of account, cannot be a ground for assessing rental income under the head income from other sources when conditions of Section 22 of Act for assessing annual value of property have been fulfilled by assessee....

Read More

HRA Taxability & Section 80GG Deduction on Rent Paid

House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certain conditions, a part of HRA gets exempted under Section 10 (13A) of the Income-tax Act. The tax benefit on HRA is available only to a salaried individual who has the...

Read More
Posted Under: Income Tax | ,

House Property Remained Vacant – Check Out How to Calculate Your Income Tax Liability

Income Tax Act, 1961 allows only 1 house property to be declared as Self occupied while all others are compulsorily required to be declared as rented out. In case of Property which is let out there exists a concept of Deemed Annual Value...

Read More
Posted Under: Income Tax | ,

Rent cannot be taxed in the hand of co-owner if his name is added merely to avoid succession problems in future

Shri Isola Srinivas Vs. Addl. CIT (ITAT Hyderabad)

Though the assessee is the sole owner of the property, he has included his wife and son as co-owners in the sale deed only to avoid succession problems in future and that they were also included as co-obligants in the loan agreement on insistence by the SBI to avoid legal litigation in future. ...

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Two Clauses that should be Removed from Finance Bill 2017

Article discusses two clauses of finance bill 1. Restriction on the Loss On House Property and 2. Penalty For Furnishing Incorrect Information In Reports Or Certificates which are detrimental to the economy, tax payer and the intermediary between the tax payer and the tax authorities i.e. the tax representatives....

Read More
Posted Under: Income Tax | ,
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