Income Tax : Learn about income from house property, including self-occupied, let-out, and inherited properties. Explore tax implications, dedu...
Income Tax : Explore the intricate details of different heads of income, including salaries, and their tax implications. Gain insights into tax...
Income Tax : Discover differences between Self-Occupied Property (SOP), Deemed Let out Property (DLOP), and Let out Property (LOP) in house own...
Income Tax : Explore Section 54 Exemption's basics, amounts, and consequences in capital gains, with detailed computations and insights on tax-...
Income Tax : Learn how to compute income from house property with deductions under Section 22, 24, and 80EEA. Understand gross annual value, m...
Income Tax : While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied ho...
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 perc...
Income Tax : Analysis of ITAT Ahmedabad's decision in Mansha Textiles vs ITO case. ITAT allows interest deduction u/s 24(b) when income is rece...
Income Tax : ITAT Mumbai's decision in Shyamnarayan Trades Pvt Ltd vs ITO clarifies deductibility of interest on property loans, addressing loa...
Income Tax : ITAT Ahmedabad held that assessee was engaged in business of leasing out its house properties to earn rent, income so earned as re...
Income Tax : ITAT Pune in Pride Purple Properties, quashed retrospective determination of annual letting value of un-sold residential units. IT...
Income Tax : Appellant builder treated Property as stock-in-trade & profits on its sale would be offered as business income and no rental incom...
The chapter is divided into the following categories for the purpose of computation: 1. Let out property [Sec. 23(1)] 2. Property not actually occupied by the owner [Sec. 23(2)(b)] 3. Self-occupied property [Sec. 23(2)(a)]. 4. Partly let out and partly self occupied property [Sec. 23(3)] 5. Deemed to be let out property [Sec. 23(4)]. 6. […]
Income from the following house properties are exempted from tax: 1. Any one palace or part thereof of an ex-ruler, provided the same is not let out [Sec. 10(19A)]. Tax-point: If the ex-ruler has a house property and the part of which is self-occupied and remaining let out then only the self occupied part of […]
Rockcastle Property Private Ltd Vs ITO (ITAT Mumbai) As per the provisions of Section 23(1)(b), annual value shall be deemed to be the actual rent received or receivable by the assessee. The proviso provides for deduction of municipal taxes levied by any local authority. As per Explanation, the actual rent received or receivable would not […]
Article On Section 23 In Case The Owner of Property Is Not Able To Find A Tenant And Property Remains Vacant, Can Addition On Account Of Notional Rent Be Made Or Not ? Here we are discussing Section 23 of Income Tax Act 1961 which provides how to determine annual value of a property for […]
Whether shops and offices can be considered as a self occupied property (SOP) for the purpose of exemption under the head ‘Income from House Property’? Prior to FY 2019-20, if more than one self-occupied house property was owned by the taxpayer, only one was considered and treated as a self-occupied property and the remaining properties […]
Income from House Property Hello Friends, as u know the time of filing of income tax return is near and this article will helpful for the assesses who has income from house property, yes, in this article we are going to discuss the taxability of Income from House Property. First of all, there are some […]
The issue under consideration is whether amenities being part and parcel of building will be tax under head ‘Income from house property’ or ‘Income from other sources’?
Dream Motels (P) Ltd. Vs ITO (ITAT Mumbai) The issue under consideration is whether treating municipal taxes paid is considered as a part of rent liable to be taxed u/s 23 of the act? ITAT states that, upon due consideration of factual matrix, the crystal-clear position that emerges is the fact that as per the […]
The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K.
Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai) sub-section (5) to Section 23 has been inserted by the Finance Act, 2017 w.e.f. 01-4-2018, whereby notional annual value of property/part of property held has stock-in-trade has been brought to tax subject to conditions specified in the newly inserted sub-section. The amendment is substantive in nature […]
