section 23

Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan. Interest paid on the loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the taxable income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vacant. The return of the capital of the loan along with the interest up to Rs. 1 lakh is included in the benefit under Sec 80C. Full Article

In respect of the properties where restriction under Rent Control Act is not applicable, the annual letting value has got to be determined after taking into consideration various factors and the standard rent or Municipal valuation may be adjusted after taking into account such factors. Full Article

In respect of properties where restriction under Rent Control Act is not applicable, the annual letting value has got to be determined after taking into consideration various factors and the standard rent or Municipal valuation may be adjusted after taking into account such factors. Full Article

Merely because the assessee has entered jointly with two separate agreements to purchase a duplex flat having two separate numbers does not mean that they are two residential units.- Suresh C. Sadarangani v. ACIT Full Article

This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 .  Full Article

Actor Emraan Hashmi, who was refused an NOC to buy a flat in Nibbana housing society at Pali Hill allegedly because he was a Muslim, has one more quarter to turn to for help. The model bye-laws framed by the state government under the Maharashtra Cooperative Societies Act hold that a person does not require a no objection certificate (NOC) from the society at the time of transfer of a flat. Full Article

SUMMARY OF CASE LAW There is no provision for deduction on account of brokerage paid in connection with renting out of the property; merely because the brokerage may have been paid out of the rental income, it cannot be said that a charge has been created in the property much less an involuntary charge; thus, [...] Full Article

While in Hamilton’s case the Court laid down the ratio that the rent of the past year increased retrospectively shall be the annual rent of the said past year or years but cannot be said to be the annual rent of the year in which the said amount was received whereas in the Hope India’s [...] Full Article