Income from House Property

All about Income from House Properties

Income Tax - Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose of business or profession carried on by the taxpa...

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Computation of Income From House Property

Income Tax - INCOME FROM HOUSE PROPERTY Under the Income Tax Act what is taxed under the head ‘Income from house Property‘ is the inherent capacity of the property to earn income called the Annual Value of the property. This is taxed in the hands of the owner of the property. COMPUTATION OF ANNUAL VALUE This is done […]...

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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....

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Tax Benefits on Home Loan for Joint Owners

Income Tax - Income Tax benefits on Housing Loan for Joint Owner of Rs. 2 Lakh each Section 24(b) of Income Tax Act, 1961 (amended) Conditions for claiming Interest on Home Loan ↓ 1. Income Tax benefits on a joint home loan can be claimed by all the joint owners. 2. Ownership is required for joint owners i.e. […]...

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Income Tax on Two Self-Occupied Properties

Income Tax - Owning a House property or any property is not without responsibility but paying House property Tax on it annually definitely is. Property can be of any nature i.e., For residential purposes or commercial all are taxed under the head of ‘ Income from House property’. Any property used for business purposes or profession is taxed [&hel...

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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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No addition of notional annual rent of unsold flats held in stock-in-trade

M/s. Kolte Patil I-Ven Townships, Pune Limited Vs ACIT (ITAT Pune) - M/s. Kolte Patil I-Ven Townships Vs ACIT (ITAT Pune) The issue in the present case is with respect to addition under the head ‘income from house property’ on the 32 unsold flats/shops by the assessee. It is an undisputed fact that assessee is in the business of Civil Engineers, Builders and Deve...

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Depreciation on Office Premises assessed as House Property Income?

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) - Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) The sole subject matter of present appeal is to adjudicate whether the assessee would be eligible to claim depreciation on certain premises, which although forms part of block of assets,has been let out during the impugned AY & earned certain ...

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Warehouse Sub-Letting Rent cannot be taxed as ‘income from house property’

Sushil Tuli Vs ITO (ITAT Lucknow) - There are two pre-conditions for charging the income as income from house property under section 22 of the Act. Firstly, the assessee must be the owner of the property. Also, the property must not be occupied by the assessee for the purposes of his business or In other words, the property should be ...

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Tax on income of Co-Op. Society from letting out of terrace

Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai) - Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai) The issue in dispute in that case as per the Para reproduced from the Tribunal’s order above is regarding rent received from Reliance Telecom and in that case also, the assessee claimed a deduction u/s. 24 (a) of Rs. 1.65 Lakhs being 30...

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Addition for deemed rent of unsold flats cannot be made to Builder

M/s. Kolte Patil Developers Limited Vs DCIT (ITAT Pune) - M/s. Kolte Patil Developers Limited Vs DCIT (ITAT Pune) The issue in the present case is with respect to addition under the head ‘income from house property’ on the 32 unsold flats/shops by the assessee. It is an undisputed fact that assessee is in the business of Civil Engineers, Builders and D...

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Recent Posts in "Income from House Property"

All about Income from House Properties

Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose of business or profession carried on by the taxpa...

Read More
Posted Under: Income Tax |

Computation of Income From House Property

INCOME FROM HOUSE PROPERTY Under the Income Tax Act what is taxed under the head ‘Income from house Property‘ is the inherent capacity of the property to earn income called the Annual Value of the property. This is taxed in the hands of the owner of the property. COMPUTATION OF ANNUAL VALUE This is done […]...

Read More
Posted Under: Income Tax |

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 | ,

Tax Benefits on Home Loan for Joint Owners

Income Tax benefits on Housing Loan for Joint Owner of Rs. 2 Lakh each Section 24(b) of Income Tax Act, 1961 (amended) Conditions for claiming Interest on Home Loan ↓ 1. Income Tax benefits on a joint home loan can be claimed by all the joint owners. 2. Ownership is required for joint owners i.e. […]...

Read More
Posted Under: Income Tax |

No addition of notional annual rent of unsold flats held in stock-in-trade

M/s. Kolte Patil I-Ven Townships, Pune Limited Vs ACIT (ITAT Pune)

M/s. Kolte Patil I-Ven Townships Vs ACIT (ITAT Pune) The issue in the present case is with respect to addition under the head ‘income from house property’ on the 32 unsold flats/shops by the assessee. It is an undisputed fact that assessee is in the business of Civil Engineers, Builders and Developers and had in […]...

Read More

Depreciation on Office Premises assessed as House Property Income?

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai)

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) The sole subject matter of present appeal is to adjudicate whether the assessee would be eligible to claim depreciation on certain premises, which although forms part of block of assets,has been let out during the impugned AY & earned certain rental income which has been assessed as...

Read More

Warehouse Sub-Letting Rent cannot be taxed as ‘income from house property’

Sushil Tuli Vs ITO (ITAT Lucknow)

There are two pre-conditions for charging the income as income from house property under section 22 of the Act. Firstly, the assessee must be the owner of the property. Also, the property must not be occupied by the assessee for the purposes of his business or In other words, the property should be a residential property....

Read More

Income Tax on Two Self-Occupied Properties

Owning a House property or any property is not without responsibility but paying House property Tax on it annually definitely is. Property can be of any nature i.e., For residential purposes or commercial all are taxed under the head of ‘ Income from House property’. Any property used for business purposes or profession is taxed [&hel...

Read More
Posted Under: Income Tax |

Tax on income of Co-Op. Society from letting out of terrace

Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai)

Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai) The issue in dispute in that case as per the Para reproduced from the Tribunal’s order above is regarding rent received from Reliance Telecom and in that case also, the assessee claimed a deduction u/s. 24 (a) of Rs. 1.65 Lakhs being 30% of such […]...

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Need to introduce separate deduction for repayment of home loan in coming Budget

Home is a basic need of any person in addition to bread and clothes. With rising prices of houses, it is almost impossible for an average person to buy a house without borrowing for it either through housing loans or through loans from friends and relatives. In this article, I wish to point out why the government should take out the p...

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Posted Under: Income Tax | ,

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