section 24

Income from House Property- All you want to know

Income Tax - Rental income in the hands of owner is charged to tax under the head “Income from house property”. Rental income of a person other than the owner cannot be charged to tax under the head “Income from house property”. Hence, rental income received ...

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Analysis of Income from House Property

Income Tax - WHAT IS INCOME FROM HOUSE PROPERTY? Income that arises by owner from any building or land attached with building is chargeable under the head House Property.....

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Tax benefits you can avail by investing in an apartment

Income Tax - Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied and let-out apartments all differ from each other. Knowing the nitty-gritty of these tax laws can help you claim all the deductions you stand eligible for. Here’s ...

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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....

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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....

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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....

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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....

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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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UBD (PCB) BPD Cir No. 34 /16.26.000/2009

RBI/2009-10/ 262 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"

Income from House Property- All you want to know

Rental income in the hands of owner is charged to tax under the head “Income from house property”. Rental income of a person other than the owner cannot be charged to tax under the head “Income from house property”. Hence, rental income received ...

Read More
Posted Under: Income Tax | ,

Analysis of Income from House Property

WHAT IS INCOME FROM HOUSE PROPERTY? Income that arises by owner from any building or land attached with building is chargeable under the head House Property.....

Read More
Posted Under: Income Tax | ,

Tax benefits you can avail by investing in an apartment

Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied and let-out apartments all differ from each other. Knowing the nitty-gritty of these tax laws can help you claim all the deductions you stand eligible for. Here’s ...

Read More
Posted Under: Income Tax |

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....

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....

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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...

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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....

Read More
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