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...

Read More

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 […]...

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

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. […]...

Read More

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...

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

Property used for business cannot be treated as vacant for section 23

Ideal Hitech Engineering Equipment (P) Ltd. Vs ITO (ITAT Delhi) - We are of the view that the company having occupied the property for its own purposes, no notional rent can be added. It may be germane to mention here that this is the only property owned and occupied by the assessee as its registered office. It is not the case of the AO that the assessee company w...

Read More

Notional rent cannot be charged on property legally not occupiable

Sharan Hospitality Private Limited Vs DCIT (Bombay High Court) - Since during the period the property was legally not occupiable and not occupied because the building in which property was situated was not given Occupancy Certificate (OC), therefore, issue for charging of tax on notional rental basis and the question of interpretation of section 23(1)(a) did not ...

Read More

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...

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 ...

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 ...

Read More
Sorry No Post Found

Recent Posts in "Income from House Property"

Property used for business cannot be treated as vacant for section 23

Ideal Hitech Engineering Equipment (P) Ltd. Vs ITO (ITAT Delhi)

We are of the view that the company having occupied the property for its own purposes, no notional rent can be added. It may be germane to mention here that this is the only property owned and occupied by the assessee as its registered office. It is not the case of the AO that the assessee company was having some other premises to have it...

Read More

Notional rent cannot be charged on property legally not occupiable

Sharan Hospitality Private Limited Vs DCIT (Bombay High Court)

Since during the period the property was legally not occupiable and not occupied because the building in which property was situated was not given Occupancy Certificate (OC), therefore, issue for charging of tax on notional rental basis and the question of interpretation of section 23(1)(a) did not arise at all....

Read More

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 |

Browse All Categories

CA, CS, CMA (4,376)
Company Law (5,172)
Custom Duty (7,494)
DGFT (4,053)
Excise Duty (4,279)
Fema / RBI (3,904)
Finance (4,054)
Income Tax (31,265)
SEBI (3,249)
Service Tax (3,483)

Search Posts by Date

December 2019
M T W T F S S
« Nov    
 1
2345678
9101112131415
16171819202122
23242526272829
3031