section 24

  • Jan
  • 16

Rent from Mobile antennae installed at terrace taxable as House Property Income

Rent is for space to host the antennas and not for the antennas. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be taxed as ‘income from house property’.

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  • Jan
  • 15

FAQs on Housing Loan & Income tax benefit

Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA.

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  • Aug
  • 02

Double Benefit on Taxes on Housing Loan

The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest payment of Housing Loan. Article explains tax benefit on Housing Loan taken and possession received in the same year and also when possession received in next year.

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  • Jul
  • 11

Home Loan Interest Exemption Limit increased to Rs. 2 Lakh

Government has raised Home/ Housing Interest Exemption amount under section 24 from Rs. 1.50 Lakh to Rs. 2 Lakh WEF Assessment Year 2015-16 in respect of Loan Taken for Purchase of Self Occupied House Property.

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  • May
  • 29

6 Expectations of Middle Class from Budget 2014

CA Sandeep Kanoi Union Finance Minister Arun Jaitley is expected to present his budget either in last week of June 2014 or in First week of July 2014. With Budget around the corner the Taxpayers are very enthused about expected tax reliefs from Mr. Arun Jaitley and started thinking that good days are around the […]

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  • Feb
  • 26

Income Tax Benefits from House Property

CA Sandeep Kanoi Buying a House is nowadays is not easy considering the multifold hikes in property price in last 10 Years. It becomes almost impossible for middle and lower class to buy an house and those buying the house also finds it difficult to buy the same from their own saving without obtaining a […]

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  • Feb
  • 07

Analysis on cross connection between Sec. 80EE and Sec. 24(b)

Finance Act, 2013 with a view to provide additional benefit towards interest paid by assessee against housing loan inserted a new section of deduction i.e Section 80EE w.e.f. 01.04.2014. i.e. Deduction in respect of interest on loan taken for residential house property. 80EE. (1) In computing the total income of an assessee, being an individual, there […]

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  • Dec
  • 16

Buy home to reduce Income Tax burden

As the financial year comes to an end, it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs per annum on a home loan can be set-off from salary or business income, for a self-occupied property.

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  • May
  • 14

Loan Prepayment charges allowed as deduction from house property income

The assessee claimed deduction of Rs. 11.05 crore u/s 24(b) of the Act. The Assessing Officer did not allow deduction of Rs. 1.56 crore paid as prepayment charges for the closure of the loan account which was taken for acquisition of property fetching the extant house property income. Under these circumstances the question arises as […]

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  • May
  • 12

Expense by tenant on house property repairs cannot be included in ALV

In the present set of facts, we have noted that the AO had considered the impugned repair expenditure as annual rent in the hands of the assessee which was without any basis. As far as the assessee was concerned, the deduction @ 30% is like a standard deduction as prescribed u/s.24(a) of IT Act, not necessarily incurred towards repairs of the house property as held in the case of JB Patel & Co. 118 ITD 556.

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