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Income from House Property

Income from House Property- Points to remember

Income Tax - Income under the head House Property. Basis of Chargeability (Section 22): Any Income under house property is charged if following conditions are satisfied ♦ Property consisting of any buildings or lands appurtenant thereto ♦ Assessee is the owner of the property ♦ Not used for the purposes of any business or profession carried on b...

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Why tax benefit on home loan is overrated

Income Tax - Are you planning to avail a home loan? Have you already availed a home loan but are not sure if you should prepay your loan or keep it as it is because of the associated tax benefit? If so, this article may help you decide your way forward. Although your bank must have already educated […]...

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Rental Income & Capital Gains: Taxes for Your First Real Estate Investment

Income Tax - Do you intend to buy your first ever real estate property this coming month? Well, congratulations! But did you also know that you could generate rental income from that property of yours? Buying your first real estate property is a significant step for any investor....

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Whether properties rented for earning renting income by a company in all cases will be considered as income from house property?

Income Tax -  Whether properties rented for earning renting income by a company in all cases will be considered as income from house property? In this article we are going to discuss an important judgement of the Supreme Court in which it was held that renting of property and rent income in all cases will not be considered […]...

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Income From House Property

Income Tax - BASICS: A house property can be anything which is attached to the land and it can be your house, your office, or can be a shop and also can be a building. The income tax does not distinguish between any of your commercial place or your house where you stay. All the properties are taxed […]...

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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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ITAT allows Rental Income from subleasing of commercial properties for more than 12 Years as House Property Income

DCIT Vs Pfizer Ltd (ITAT Mumbai) - DCIT Vs Pfizer Ltd (ITAT Mumbai) AO treated the rental income of Rs. 5,47,89,000/- received by the assessee from subleasing of commercial properties as income from business as against claim of the assessee being income from house property on the ground that renting out of premises amounts to commerc...

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Possession of property not mandatory to claim section 24(b) interest

Mr. Abeezar Faizullabhoy Vs CIT (ITAT Mumbai) - In our considered view, for claiming deduction of interest under Sec. 24(b) of the Act there is neither any such precondition nor an eligibility criteria prescribed that the assessee should have taken possession of the property so purchased or acquired by him....

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Maintenance charges not allowable under the head House Property Income

Rockcastle Property Private Ltd Vs ITO (ITAT Mumbai) - Rockcastle Property Private Ltd Vs ITO (ITAT Mumbai) As per the provisions of Section 23(1)(b), annual value shall be deemed to be the actual rent received or receivable by the assessee. The proviso provides for deduction of municipal taxes levied by any local authority. As per Explanation, the actu...

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Income from Amenities forming Part & Parcel of Building taxable as House Property Income

Nirmala Zaverchand Shah Vs DCIT (ITAT Mumbai)  - The issue under consideration is whether amenities being part and parcel of building will be tax under head 'Income from house property’ or ‘Income from other sources’?...

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ITAT Allowed Deduction of Municipal Taxes on Area Not Leased Out

Dream Motels (P) Ltd. Vs ITO (ITAT Mumbai) - Dream Motels (P) Ltd. Vs ITO (ITAT Mumbai) The issue under consideration is whether treating municipal taxes paid is considered as a part of rent liable to be taxed u/s 23 of the act? ITAT states that, upon due consideration of factual matrix, the crystal-clear position that emerges is the fact that...

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Income from House Property’s Popular Posts

Recent Posts in "Income from House Property"

Income from House Property- Points to remember

Income under the head House Property. Basis of Chargeability (Section 22): Any Income under house property is charged if following conditions are satisfied ♦ Property consisting of any buildings or lands appurtenant thereto ♦ Assessee is the owner of the property ♦ Not used for the purposes of any business or profession carried on b...

Read More
Posted Under: Income Tax |

ITAT allows Rental Income from subleasing of commercial properties for more than 12 Years as House Property Income

DCIT Vs Pfizer Ltd (ITAT Mumbai)

DCIT Vs Pfizer Ltd (ITAT Mumbai) AO treated the rental income of Rs. 5,47,89,000/- received by the assessee from subleasing of commercial properties as income from business as against claim of the assessee being income from house property on the ground that renting out of premises amounts to commercial exploitation for business purpose by...

Read More

Why tax benefit on home loan is overrated

Are you planning to avail a home loan? Have you already availed a home loan but are not sure if you should prepay your loan or keep it as it is because of the associated tax benefit? If so, this article may help you decide your way forward. Although your bank must have already educated […]...

Read More
Posted Under: Income Tax |

Rental Income & Capital Gains: Taxes for Your First Real Estate Investment

Do you intend to buy your first ever real estate property this coming month? Well, congratulations! But did you also know that you could generate rental income from that property of yours? Buying your first real estate property is a significant step for any investor....

Read More
Posted Under: Income Tax |

Whether properties rented for earning renting income by a company in all cases will be considered as income from house property?

 Whether properties rented for earning renting income by a company in all cases will be considered as income from house property? In this article we are going to discuss an important judgement of the Supreme Court in which it was held that renting of property and rent income in all cases will not be considered […]...

Read More
Posted Under: Income Tax |

Income From House Property

BASICS: A house property can be anything which is attached to the land and it can be your house, your office, or can be a shop and also can be a building. The income tax does not distinguish between any of your commercial place or your house where you stay. All the properties are taxed […]...

Read More
Posted Under: Income Tax |

Possession of property not mandatory to claim section 24(b) interest

Mr. Abeezar Faizullabhoy Vs CIT (ITAT Mumbai)

In our considered view, for claiming deduction of interest under Sec. 24(b) of the Act there is neither any such precondition nor an eligibility criteria prescribed that the assessee should have taken possession of the property so purchased or acquired by him....

Read More

Exempted Income from House property

Exempted Income from House property There are certain cases where income from House property is exempted. As per section 10 of Income Tax Act 1961, below income are exempted and not to be included while calculating the total income of Assessee. 1. [Section 2(1)(c)] Agricultural House Property Income from such house property which is situa...

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Posted Under: Income Tax |

Tax on Income from House Property

Section 22 of the Income tax Act, 1961 is the charging section for head Income from House Property. As per this section, the assessee must be the owner of the property which is subject to income under the head House Property. Property can be any building or  land not necessarily residential....

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Posted Under: Income Tax |

Income Tax Rule 115 – Income Received in Foreign Currency

Income Tax Rule 115 deals with situation where a person has earned income in foreign currency. This income can accrue and can be received in India or out side India, but if that income is taxable in the hands of recipient then this provision has to be applied. Now a days when we are in […]...

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Posted Under: Income Tax |

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