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section 24

Govt wants you to own a house-see income tax benefits extended

Income Tax - The government wants you to own a house and the same becomes evident from the various tax benefits allowed under the income tax laws to the persons who own a house. Let us understand the various beneficial tax provisions which prove that the government wants you to own a house....

Read More

Income Tax Benefits for Assesses taking Home loan

Income Tax - So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions available under the Act for the payment of loan amount (principal) as well as the interest component....

Read More

8 Changes in Personal Taxes by Union Budget 2016-17

Income Tax - There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers....

Read More

Increase in time period for acquisition/ construction of house property for Interest Claim

Income Tax - Increase in time period for acquisition or construction of self-occupied house property for claiming deduction of interest The existing provision of Clause (b) of section 24 provides that interest payable on capital borrowed for acquisition or construction of a house property shall be deducted while computing income from house property. T...

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Tax Treatment of Composite Rent, Unrealised Rent and Rent Arrears

Income Tax - The  Article covers following topics : 1. Discussion on charging section i.e. section 22 with focus on meaning of various terms viz: Building Land appurtenant to a building Owner Deemed owner Property used for the purpose of business or profession 2. Tax treatment of composite rent : Composite rent i.e. rent of building and charges [&hel...

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S.24(b) Co-owners with unspecified shares entitled to equal interest deduction

Priya Mahajan vs. Commissioner of Income Tax (Appeals) (Punjab and Haryana High Court) - Since the individual shares were not specified in the sale deed and the house property as well as the housing loan is to be taken as jointly by all the co-owners, the logical conclusion is that everyone had equal share in the property and the assessee was entitled to 1/4th deduction, i.e. 25% of the...

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S.24 Interest for property acquisition allowed despite use in construction

Mrs. Samiksha Mahajan & Mrs. Anita Rani vs. ACIT (ITAT Delhi) - As per provisions u/s 24, it is crystal clear that deduction is allowable on account of interest paid on the borrowed capital within three years from the end of the financial year in which capital was borrowed. As per the explanation appended to the proviso of the aforesaid section, it is also clear...

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Brokerage expenses not allowed against income from house property

M/s. Radiant Premises Pvt. Ltd. vs. ACIT (ITAT Mumbai) - ITAT Mumbai held In the case of M/s. Radiant Premises Pvt. Ltd. vs. ACIT that the phrase rent received and receivable u/s 23, contemplates the amount received for the enjoyment of the property and certain rights in the said property by the tenant. If there is charge directly related to the rental in...

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Interest on delayed payment in connection of acquisition of property is allowed u/s 24 (b)

Wel Intertrade Pvt. Ltd. vs. ITO (ITAT Delhi) - ITAT Delhi held In the case of Wel Intertrade Pvt. Ltd. vs. ITO that there is no dispute that for purchasing the property at Munirka for a consideration of Rs.9,37,33,600, the assessee had taken loan from HDFC Bank for Rs.6.50 crores on which the authorities below have allowed the interest paid by t...

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Loan foreclosure charges are eligible for deduction u/s 24(b)

Subha Singhvi Vs. ACIT (ITAT Delhi) - 1. The assessee is an individual, who earned rental income from certain properties and claimed deduction for interest on loan paid by the assessee as interest u/s 24(b)of the Income Tax Act, 1961. 2. The A.O., on perusal of interest certificate given by the bank, noticed that out the total interest...

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Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) Section 24- Investment in Government and other approved securities by Urban Co-operative Banks (UCBs)

UBD (PCB) BPD Cir No. 34 /16.26.000/2009- 10 - (17/12/2009) - 2. With a view to disseminating information on the SLR status of a Government security, it has been decided that: (i) the SLR status of securities issued by the Government of India and the State Governments will be indicated in the Press Release issued by the Reserve Bank of India at the time of iss...

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Recent Posts in "section 24"

Govt wants you to own a house-see income tax benefits extended

The government wants you to own a house and the same becomes evident from the various tax benefits allowed under the income tax laws to the persons who own a house. Let us understand the various beneficial tax provisions which prove that the government wants you to own a house....

Read More
Posted Under: Income Tax |

S.24(b) Co-owners with unspecified shares entitled to equal interest deduction

Priya Mahajan vs. Commissioner of Income Tax (Appeals) (Punjab and Haryana High Court)

Since the individual shares were not specified in the sale deed and the house property as well as the housing loan is to be taken as jointly by all the co-owners, the logical conclusion is that everyone had equal share in the property and the assessee was entitled to 1/4th deduction, i.e. 25% of the entire interest. ...

Read More

Income Tax Benefits for Assesses taking Home loan

So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions available under the Act for the payment of loan amount (principal) as well as the interest component....

Read More
Posted Under: Income Tax |

S.24 Interest for property acquisition allowed despite use in construction

Mrs. Samiksha Mahajan & Mrs. Anita Rani vs. ACIT (ITAT Delhi)

As per provisions u/s 24, it is crystal clear that deduction is allowable on account of interest paid on the borrowed capital within three years from the end of the financial year in which capital was borrowed. As per the explanation appended to the proviso of the aforesaid section, it is also clear that the property either be acquired or...

Read More

8 Changes in Personal Taxes by Union Budget 2016-17

There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers....

Read More
Posted Under: Income Tax | ,

Increase in time period for acquisition/ construction of house property for Interest Claim

Increase in time period for acquisition or construction of self-occupied house property for claiming deduction of interest The existing provision of Clause (b) of section 24 provides that interest payable on capital borrowed for acquisition or construction of a house property shall be deducted while computing income from house property. T...

Read More
Posted Under: Income Tax | ,

Brokerage expenses not allowed against income from house property

M/s. Radiant Premises Pvt. Ltd. vs. ACIT (ITAT Mumbai)

ITAT Mumbai held In the case of M/s. Radiant Premises Pvt. Ltd. vs. ACIT that the phrase rent received and receivable u/s 23, contemplates the amount received for the enjoyment of the property and certain rights in the said property by the tenant. If there is charge directly related to the rental income or for the property without which t...

Read More

Interest on delayed payment in connection of acquisition of property is allowed u/s 24 (b)

Wel Intertrade Pvt. Ltd. vs. ITO (ITAT Delhi)

ITAT Delhi held In the case of Wel Intertrade Pvt. Ltd. vs. ITO that there is no dispute that for purchasing the property at Munirka for a consideration of Rs.9,37,33,600, the assessee had taken loan from HDFC Bank for Rs.6.50 crores on which the authorities below have allowed the interest paid by the assessee....

Read More

Tax Treatment of Composite Rent, Unrealised Rent and Rent Arrears

The  Article covers following topics : 1. Discussion on charging section i.e. section 22 with focus on meaning of various terms viz: Building Land appurtenant to a building Owner Deemed owner Property used for the purpose of business or profession 2. Tax treatment of composite rent : Composite rent i.e. rent of building and charges [&hel...

Read More
Posted Under: Income Tax |

Loan foreclosure charges are eligible for deduction u/s 24(b)

Subha Singhvi Vs. ACIT (ITAT Delhi)

1. The assessee is an individual, who earned rental income from certain properties and claimed deduction for interest on loan paid by the assessee as interest u/s 24(b)of the Income Tax Act, 1961. 2. The A.O., on perusal of interest certificate given by the bank, noticed that out the total interest of Rs. 29,89,223/-, an amount of Rs. 4,...

Read More
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