section 24

Tax Benefit on Home Loan

Income Tax - Repayment of housing loan is through Equated Monthly Installments (EMI) which consists of principal and interest component. As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections while filing...

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Tax Benefits on Home Loan

Income Tax - Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....

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FAQs on Income from house property

Income Tax - ​Is rental income from sub-letting chargeable to tax under the head Income from house property? ​ 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 recei...

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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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Assessee can claim housing loan interest in capital gain computation u/s 48 despite the fact that same had been claimed u/s 24(b)

Gayatri Maheshwari Vs I.T.O. (ITAT Jodhpur) - 6. The ld. CIT(A) on consideration of the assessment order, assessee’s submissions and the case laws relied upon by the assessee, has held as under: The only dispute in the instant case is whether the interest paid by the assessee to the bank on loan availed for purchase of property could be allow...

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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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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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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"

Assessee can claim housing loan interest in capital gain computation u/s 48 despite the fact that same had been claimed u/s 24(b)

Gayatri Maheshwari Vs I.T.O. (ITAT Jodhpur)

6. The ld. CIT(A) on consideration of the assessment order, assessee’s submissions and the case laws relied upon by the assessee, has held as under: The only dispute in the instant case is whether the interest paid by the assessee to the bank on loan availed for purchase of property could be allowed as deduction in computing the capital...

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

Tax Benefit on Home Loan

Repayment of housing loan is through Equated Monthly Installments (EMI) which consists of principal and interest component. As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections while filing...

Read More
Posted Under: Income Tax | ,

Tax Benefits on Home Loan

Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....

Read More
Posted Under: Income Tax | ,

FAQs on Income from house property

​Is rental income from sub-letting chargeable to tax under the head Income from house property? ​ 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 recei...

Read More
Posted Under: Income Tax | ,

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

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II 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...

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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....

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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
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