Income from House Property

House Rent Allowance (HRA) Taxability & calculation

Income Tax - HRA Calculation- Calculate your House Rent Allowance (HRA) exemption, know HRA exemption Calculation Formula and download HRA Calculator in excel format....

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All you wanted to know about Tax Exemption on HRA

Income Tax - Along with the rest of the country, the salaried class waits for the annual budget to be announced each year. They look up to the government to provide them with higher take home pay by way of increase in tax free income and lowering of tax slabs. They also look for some relief through savings options providing tax benefits. Sometimes the...

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Rental income – House property vs. Business income

Income Tax - Some fundamental tax questions never seem to go out of fashion, irrespective of numerous judicial precedents on the matter. One such matter is the taxability of income from renting of immovable properties (Land and Buildings). The Income can broadly fall under the following two heads of income in the Income Tax Act: Income from House [&he...

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Remove proposed Restriction on set-off of loss from House property: ICAI

Income Tax - The Finance Bill 2017 proposes to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property against any other head of income shall be restricted to two lakh rupees for any assessment year....

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HRA Taxability & Section 80GG Deduction on Rent Paid

Income Tax - House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certain conditions, a part of HRA gets exempted under Section 10 (13A) of the Income-tax Act. The tax benefit on HRA is available only to a salaried individual who has the...

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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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Amenity charges forming part of same transaction is assessable as House Property Income

Prakash Datta Samant Vs. Assistant Commissioner Of Income Tax (ITAT Mumbai) - A bare perusal of nature of services, prima facie, reveals that the said services were of general in nature which is usually provided by the landlord to the tenant. Therefore, amenity charges, in our opinion, being part and parcel of same transaction, were asses sable as Income from House Property....

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Notional income on house kept vacant for self-occupation

Kusum Lata Jain Vs. ACIT (ITAT Delhi) - Annual value of a house could be taken as nil only when either the house is occupied for own residence or could not be occupied by the owner, if he is residing in a building not owned by him at other place due to his employment, business or profession carried out at other place....

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Compensation received for providing amenities is taxable as income from house property

Star Gold Pvt. Ltd. Vs. Dy. CIT (ITAT Mumbai) - Receipts towards amenities are to be considered as part of rental income. However, the expenses incurred towards security service and pantry services are not connected to the rental income and hence, they should be deducted from the receipts from amenities....

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Rental Income from Real Estate Business is Business Income

Income Tax Officer Vs. M/s Zever Tower Pvt. Ltd. (ITAT Delhi) - Moreover, if the action of the AO is confirmed the assessee will be claiming additional deduction u/s 24 @ 30% in addition to the business and administrative expenses as the assessee is in the real estate business and the income of the assessee will be assessed lower than the returned income. ...

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Service Tax Paid on rent can be claimed as deduction from business Income

The DCIT Vs. M/s. Chadha Builders & Properties (ITAT Delhi) - DCIT Vs. M/s. Chadha Builders & Properties (ITAT Delhi) Service Tax is not an allowable deduction from Income from house property. But it is true that the assessee has paid Service Tax & it was not recovered from tenants and it has also filed the return of service tax. Service tax has been p...

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Recent Posts in "Income from House Property"

Amenity charges forming part of same transaction is assessable as House Property Income

Prakash Datta Samant Vs. Assistant Commissioner Of Income Tax (ITAT Mumbai)

A bare perusal of nature of services, prima facie, reveals that the said services were of general in nature which is usually provided by the landlord to the tenant. Therefore, amenity charges, in our opinion, being part and parcel of same transaction, were asses sable as Income from House Property....

Read More

Notional income on house kept vacant for self-occupation

Kusum Lata Jain Vs. ACIT (ITAT Delhi)

Annual value of a house could be taken as nil only when either the house is occupied for own residence or could not be occupied by the owner, if he is residing in a building not owned by him at other place due to his employment, business or profession carried out at other place....

Read More

Compensation received for providing amenities is taxable as income from house property

Star Gold Pvt. Ltd. Vs. Dy. CIT (ITAT Mumbai)

Receipts towards amenities are to be considered as part of rental income. However, the expenses incurred towards security service and pantry services are not connected to the rental income and hence, they should be deducted from the receipts from amenities....

Read More

Rental Income from Real Estate Business is Business Income

Income Tax Officer Vs. M/s Zever Tower Pvt. Ltd. (ITAT Delhi)

Moreover, if the action of the AO is confirmed the assessee will be claiming additional deduction u/s 24 @ 30% in addition to the business and administrative expenses as the assessee is in the real estate business and the income of the assessee will be assessed lower than the returned income. ...

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Service Tax Paid on rent can be claimed as deduction from business Income

The DCIT Vs. M/s. Chadha Builders & Properties (ITAT Delhi)

DCIT Vs. M/s. Chadha Builders & Properties (ITAT Delhi) Service Tax is not an allowable deduction from Income from house property. But it is true that the assessee has paid Service Tax & it was not recovered from tenants and it has also filed the return of service tax. Service tax has been paid into […]...

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House Rent Allowance (HRA) Taxability & calculation

HRA Calculation- Calculate your House Rent Allowance (HRA) exemption, know HRA exemption Calculation Formula and download HRA Calculator in excel format....

Read More
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Income from Leasing of Retail Space in Mall is Taxable as ‘Income from House Property’

Select Infrastructure Pvt. Ltd Vs. Addl. CIT (ITAT Delhi)

Select Infrastructure Pvt. Ltd Vs. Addl. CIT (ITAT Delhi) Here in this case, qua the retail space, the assessee was not carrying on any systematic or organized activity of providing service to the occupiers of the shops, albeit other service charges pertaining to the common maintenance, event and advertising, parking fees, etc., has been ...

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Brokerage, electricity, legal expenses not allowable in calculation of House Property Income

Ranjeet D Vaswani Vs The. ACIT-12(3) (ITAT Mumbai)

While calculating annual rental value for Income from House Property,  expenses like brokerage, electricity expenses, legal expenses and bank charges would not be allowed as permissible expenditures as these expenses are not covered under sections 23 and 24 of Income Tax Act, 1961 as permissible expenditure. Full Text of the ITAT Order i...

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All you wanted to know about Tax Exemption on HRA

Along with the rest of the country, the salaried class waits for the annual budget to be announced each year. They look up to the government to provide them with higher take home pay by way of increase in tax free income and lowering of tax slabs. They also look for some relief through savings options providing tax benefits. Sometimes the...

Read More
Posted Under: Income Tax |

Rental income – House property vs. Business income

Some fundamental tax questions never seem to go out of fashion, irrespective of numerous judicial precedents on the matter. One such matter is the taxability of income from renting of immovable properties (Land and Buildings). The Income can broadly fall under the following two heads of income in the Income Tax Act: Income from House [&he...

Read More
Posted Under: Income Tax |
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