Income from House Property

How to Claim Deduction of Interest Payments on Home Loan of Under-construction House

Income Tax - A home loan must be taken for the purchase/construction of a house and the construction of the house must be completed within 5 years from the end of financial year in which loan was taken. If you are paying EMI for the housing loan, it has two components – interest payment and principal repayment. The […]...

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Income Tax on notional rental income in case of builders U/s. 23(5)

Income Tax - Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders...

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Income from House Property in a Nutshell

Income Tax - SECTION 22 – CHARGING SECTION ♣ Annual Value of Property consisting of any buildings or land appurtenant there to. Tax under this head is not levied on the rent of the property but it is on the capacity of a property to earn income, Hence the words used in the charging Section is “Annual Value”. […]...

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Tax Aspects – HRA and Home Loan

Income Tax - Buying a home is a dream come true for many , but a bit of homework could reduce your tax liability enormously. Many of us are aware that interest on home loan enjoys tax benefits, but only few might know that House Rent Allowance, a component in your salary, could also be a big tax saver if it is combined with the home loan benefit....

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Your spouse can be a vehicle for tax savings

Income Tax - Your spouse not only helps you in meeting your social and personal but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enhance you tax savings through your spouse. Let us discuss some of important provisions. Expenses incurred for your children As per the […]...

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Tax Exemption on notional rent on second self-occupied house (Budget 2019)

Income Tax - While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied house subject to It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house.  Currently, income tax on notional rent is payable if one has more […]...

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Rent Income and Tax Provisions

Income Tax - Tax on rental income - The rental income is added to the taxable income and tax liability is based on the tax slabs. Up to 30 percent of rental income can be deducted towards maintenance of the rented place and for payment of property tax etc....

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Income from Letting out space on terrace of building to mobile companies is Income from house property

Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai) - Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai) Undisputedly, the assessee has derived rental income from letting out space in the terrace of the building to mobile companies for installing their mobile tower / antenna. It is also a fact that the assessee has offered s...

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Rent from letting out shop rooms in mall taxable as Business Income

CIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court) - Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....

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Income from Terrace space let out to mobile companies is house property Income

Kohinoor Industrial Premises Co– operative Society Ltd. Vs. ITO (ITAT Mumbai) - The terrace of the building cannot be considered as distinct and separate but certainly is a part of the house property. Therefore, letting-out space on the terrace of the house property for installation and operation of mobile tower / antenna certainly amounts to letting-out a part of the house pro...

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Inclusion of Notional interest on interest-free security deposit in computation of annual value u/s 23(1)(b)

DCIT Vs Moni Kumar Subba (ITAT Delhi) - DCIT Vs Moni Kumar Subba (ITAT Delhi) In the present case, the AO added notional interest on the interest free security for arriving at annual letting value. Since that was not permissible, the effect would be that such assessment was rightly set aside by the CIT (A) and the Tribunal. Therefore, the...

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Unsold flats held by builder as stock cannot be taxed as income from house property

O/o. Income Tax Officer Vs M/s. Arihant Estates Pvt. Ltd. (ITAT Mumbai) - ITO Vs. Arihant Estates Pvt. Ltd (ITAT Mumbai) In the case on hand before us it is an undisputed fact that both assessees have treated the unsold flats as stock in trade in the books of account and the flats sold by them were assessed under the head ‘income from business’. Thus, respectfully fo...

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Recent Posts in "Income from House Property"

Income from Letting out space on terrace of building to mobile companies is Income from house property

Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai)

Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai) Undisputedly, the assessee has derived rental income from letting out space in the terrace of the building to mobile companies for installing their mobile tower / antenna. It is also a fact that the assessee has offered such rental income as income from house [...

Read More

Rent from letting out shop rooms in mall taxable as Business Income

CIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court)

Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....

Read More

How to Claim Deduction of Interest Payments on Home Loan of Under-construction House

A home loan must be taken for the purchase/construction of a house and the construction of the house must be completed within 5 years from the end of financial year in which loan was taken. If you are paying EMI for the housing loan, it has two components – interest payment and principal repayment. The […]...

Read More
Posted Under: Income Tax |

Income Tax on notional rental income in case of builders U/s. 23(5)

Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders...

Read More
Posted Under: Income Tax |

Tax Exemption on notional rent on second self-occupied house (Budget 2019)

While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied house subject to It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house.  Currently, income tax on notional rent is payable if one has more […]...

Read More
Posted Under: Income Tax |

Income from Terrace space let out to mobile companies is house property Income

Kohinoor Industrial Premises Co– operative Society Ltd. Vs. ITO (ITAT Mumbai)

The terrace of the building cannot be considered as distinct and separate but certainly is a part of the house property. Therefore, letting-out space on the terrace of the house property for installation and operation of mobile tower / antenna certainly amounts to letting-out a part of the house property itself....

Read More

Income from House Property in a Nutshell

SECTION 22 – CHARGING SECTION ♣ Annual Value of Property consisting of any buildings or land appurtenant there to. Tax under this head is not levied on the rent of the property but it is on the capacity of a property to earn income, Hence the words used in the charging Section is “Annual Value”. […]...

Read More
Posted Under: Income Tax |

Inclusion of Notional interest on interest-free security deposit in computation of annual value u/s 23(1)(b)

DCIT Vs Moni Kumar Subba (ITAT Delhi)

DCIT Vs Moni Kumar Subba (ITAT Delhi) In the present case, the AO added notional interest on the interest free security for arriving at annual letting value. Since that was not permissible, the effect would be that such assessment was rightly set aside by the CIT (A) and the Tribunal. Therefore, the orders would not […]...

Read More

Tax Aspects – HRA and Home Loan

Buying a home is a dream come true for many , but a bit of homework could reduce your tax liability enormously. Many of us are aware that interest on home loan enjoys tax benefits, but only few might know that House Rent Allowance, a component in your salary, could also be a big tax saver if it is combined with the home loan benefit....

Read More
Posted Under: Income Tax |

Your spouse can be a vehicle for tax savings

Your spouse not only helps you in meeting your social and personal but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enhance you tax savings through your spouse. Let us discuss some of important provisions. Expenses incurred for your children As per the […]...

Read More
Posted Under: Income Tax |

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