Income from House Property

House Rent Allowance : Tax Saver For Salaried Person

Income Tax - House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]...

Read More

How to calculate & report income from house property in ITR

Income Tax - In the income tax there are five heads to calculate and report income to department. One of those heads is Income from house property. Owning a house is everyone’s dream but with this dream there comes a responsibility to calculate tax on it. Let’s discuss about it. Question:1  What falls  under the House property? Answer: […...

Read More

FAQs on Income from house property

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

Read More

Eligibility of Interest on housing loan for double deduction

Income Tax - Interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section 48 [as cost of acquisition while computing capital gains from sale of such house property]....

Read More

Tax Treatment of Composite Rent, Unrealised Rent and Rent Arrears

Income Tax - The Article covers following topics : Discussion on charging section i.e. section 22 with focus on meaning of various terms viz: Building Land appurtenant to a building Owner Deemed owner Property used for the purpose of business or profession Tax treatment of composite rent : Composite rent i.e. rent of building and charges for various [...

Read More

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 […]...

Read More

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....

Read More

No section 23 Addition of Notional Rent for Vacant Property

Empire Capital Pvt. Ltd. Vs ACIT (ITAT Mumbai) - The issue under consideration is whether the addition on account of notional rent in respect of vacant property is justified in law?...

Read More

No Section 263 invocation If AO taken One possible view out of Many

Electro Urban Co-Operative Credit Society Ltd. Vs PCIT (ITAT Kolkata) - PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore....

Read More

Lease Income taxable as Business Income if property objective is income earning

Asset Investment Services Vs ACIT (ITAT Mumbai) - The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?...

Read More

Maintenance service charges cannot be taxed as House Property Rental Income

DCIT Vs Jagatjit Industries Ltd. (ITAT Delhi) - The issue under consideration is whether the maintenance service charges is charged under head income from house property along with rent?...

Read More

Nature of rent Income not changes merely for Agreement Type

Mahle Filter Systems Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) - Mahle Filter Systems Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The issue under consideration is whether A.O. is correct in treating the ‘rental income’ as ‘income from other sources’? The assessee has disclosed rental receipts from its factory building and after deducting 30% as per provisions of s...

Read More
Sorry No Post Found

Recent Posts in "Income from House Property"

No section 23 Addition of Notional Rent for Vacant Property

Empire Capital Pvt. Ltd. Vs ACIT (ITAT Mumbai)

The issue under consideration is whether the addition on account of notional rent in respect of vacant property is justified in law?...

Read More

House Rent Allowance : Tax Saver For Salaried Person

House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]...

Read More
Posted Under: Income Tax |

No Section 263 invocation If AO taken One possible view out of Many

Electro Urban Co-Operative Credit Society Ltd. Vs PCIT (ITAT Kolkata)

PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore....

Read More

Lease Income taxable as Business Income if property objective is income earning

Asset Investment Services Vs ACIT (ITAT Mumbai)

The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?...

Read More

How to calculate & report income from house property in ITR

In the income tax there are five heads to calculate and report income to department. One of those heads is Income from house property. Owning a house is everyone’s dream but with this dream there comes a responsibility to calculate tax on it. Let’s discuss about it. Question:1  What falls  under the House property? Answer: […...

Read More
Posted Under: Income Tax |

Maintenance service charges cannot be taxed as House Property Rental Income

DCIT Vs Jagatjit Industries Ltd. (ITAT Delhi)

The issue under consideration is whether the maintenance service charges is charged under head income from house property along with rent?...

Read More

Nature of rent Income not changes merely for Agreement Type

Mahle Filter Systems Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

Mahle Filter Systems Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The issue under consideration is whether A.O. is correct in treating the ‘rental income’ as ‘income from other sources’? The assessee has disclosed rental receipts from its factory building and after deducting 30% as per provisions of section 24 of the Act, income from house ...

Read More

Rent income from mall- Income from business or house property?

CIT Vs Prestige Estate Projects Pvt. Ltd. (Karnataka High Court)

The issue under consideration is whether tribunal was correct in holding rental income received from Forum Mall should be considered as 'Income from business' and not 'Income from house property', though agreement between landlord and tenant contemplating relationship of landlord and tenant and as such it would partake character of rental...

Read More

FAQs on Income from house property

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

Read More
Posted Under: Income Tax | ,

Eligibility of Interest on housing loan for double deduction

Interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section 48 [as cost of acquisition while computing capital gains from sale of such house property]....

Read More
Posted Under: Income Tax | ,

Browse All Categories

CA, CS, CMA (4,856)
Company Law (6,323)
Custom Duty (7,836)
DGFT (4,264)
Excise Duty (4,377)
Fema / RBI (4,274)
Finance (4,521)
Income Tax (33,816)
SEBI (3,580)
Service Tax (3,576)

Search Posts by Date

August 2020
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31