Income from House Property

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 Implications on House Property Income

Income Tax - Income Chargeable under the head house property Rental Income from a property whose owner is the tax payer is charged under the head Income from House Property. Rental Income from Subletting In the hand of the owner rental income received by him is charged under the head “Income from House Property” but if a tenant is […]...

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Taxation of Co-operative Housing Societies & Income Tax Return

Income Tax - In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax....

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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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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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Deemed rental of SOP should be determined as per municipal ratable value

Smt. Rekha Singh Vs ITO (ITAT Jodhpur) - The house which is not having any actual rental income but self occupied by assessee should be determined as per the municipal ratable value. Accordingly, the matter is restored to file of the Assessing Officer to find out the municipal ratable value of the house for computing income u/s 22 of the I...

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Interest on Home Loan- Deduction U/s. 24(b) and in Computation of Capital Gain

Sh. Subhash Bana Vs. ACIT (ITAT Delhi) - Deduction under section 24(b) and computation of capital gains under section 48 being altogether different provisions, interest paid to bank for acquiring capital asset would be eligible as part of cost of acquisition, even if same had been claimed under section 24(b) while computing income from hou...

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No exemption for one SOP U/s. 23(2)(a) if property was not occupied by the owner

Mrs. Kusum Lata Jain, Vs ACIT (ITAT Delhi) - This appeal by the assessee is directed against order dated 15/06/2012 of learned Commissioner of Income-tax (Appeals)-XXXI, New Delhi [in short ‘the CIT-(A)’] for assessment year 2007-08 raising following grounds...

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Recent Posts in "Income from House Property"

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 |

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 following the above […]...

Read More

Deemed rental of SOP should be determined as per municipal ratable value

Smt. Rekha Singh Vs ITO (ITAT Jodhpur)

The house which is not having any actual rental income but self occupied by assessee should be determined as per the municipal ratable value. Accordingly, the matter is restored to file of the Assessing Officer to find out the municipal ratable value of the house for computing income u/s 22 of the I.T. Act. We direct accordingly....

Read More

Tax Implications on House Property Income

Income Chargeable under the head house property Rental Income from a property whose owner is the tax payer is charged under the head Income from House Property. Rental Income from Subletting In the hand of the owner rental income received by him is charged under the head “Income from House Property” but if a tenant is […]...

Read More
Posted Under: Income Tax |

Taxation of Co-operative Housing Societies & Income Tax Return

In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax....

Read More
Posted Under: Income Tax | ,

Useful tips to save Income Tax in F.Y. 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax Planning Tips mainly for Individual and Salaried tax payers by which they can minimise their tax burden for Financial Year 2018-19 or Assessment year 2019-20...

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Posted Under: Income Tax | ,

Income From House Property – Issues, Case Laws, Assessment

Sections 22 to 27 of the Act deal with the subject of taxation of “Income from house property”. Section 22 : Annual value of property is taxable under the head “Income from House property”. Section 23            : Determination of ‘Annual value’ Section 24           : Allowable deductions from “Incom...

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Posted Under: Income Tax |

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