Income from House Property

Whether shops/offices can be treated as a SOP for House Property exemption

Income Tax - Whether shops and offices can be considered as a self occupied property (SOP) for the purpose of exemption under the head ‘Income from House Property’? Prior to FY 2019-20, if more than one self-occupied house property was owned by the taxpayer, only one was considered and treated as a self-occupied property and the remaining ...

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Treatment of Income from House Property

Income Tax - Income from House Property Hello Friends, as u know the time of filing of income tax return is near and this article will helpful for the assesses who has income from house property, yes, in this article we are going to discuss the taxability of Income from House Property. First of all, there are some […]...

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Tax planning and managing the House Property

Income Tax - The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K....

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Rental income – House property vs. Business income

Income Tax - Some fundamental tax questions never seem to go out of fashion, irrespective of numerous judicial precedents on the matter. One such matter is the taxability of income from renting of immovable properties (Land and Buildings). The Income can broadly fall under the following two heads of income in the Income Tax Act: 1. Income from [&helli...

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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 […]...

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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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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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Advance Towards Sale of Property for Commercial & Business Purpose Can’t be Treated as Deemed Dividend

ACIT Vs Jethanand Thakur Bakshani (ITAT Chennai) - The issue under consideration is whether the advance received towards sale of property falls within the meaning of commercial and business purpose and can be treated as deemed dividend without considering the true nature of the transaction?...

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Addition for Notional annual value of property/part of property held as stock-in-trade

Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai) - Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai) sub-section (5) to Section 23 has been inserted by the Finance Act, 2017 w.e.f. 01-4-2018, whereby notional annual value of property/part of property held has stock-in-trade has been brought to tax subject to conditions specified in the newl...

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Income from Lease Money or Rentals taxable as Business Income if it is Exclusive or Predominant Business of Assessee

PSTS Heavy Lift and Shift Ltd Vs DCIT (Madras High Court) - The issue under consideration is whether the income earned by the Assessees during the Assessment Years in question from letting out of its warehouses or property to lessees, is taxable under the head 'Income from Business' or 'Income from House Property?...

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Recent Posts in "Income from House Property"

Whether shops/offices can be treated as a SOP for House Property exemption

Whether shops and offices can be considered as a self occupied property (SOP) for the purpose of exemption under the head ‘Income from House Property’? Prior to FY 2019-20, if more than one self-occupied house property was owned by the taxpayer, only one was considered and treated as a self-occupied property and the remaining ...

Read More
Posted Under: Income Tax |

Treatment of Income from House Property

Income from House Property Hello Friends, as u know the time of filing of income tax return is near and this article will helpful for the assesses who has income from house property, yes, in this article we are going to discuss the taxability of Income from House Property. First of all, there are some […]...

Read More
Posted Under: Income Tax |

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’?...

Read More

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 as per the […]...

Read More

Advance Towards Sale of Property for Commercial & Business Purpose Can’t be Treated as Deemed Dividend

ACIT Vs Jethanand Thakur Bakshani (ITAT Chennai)

The issue under consideration is whether the advance received towards sale of property falls within the meaning of commercial and business purpose and can be treated as deemed dividend without considering the true nature of the transaction?...

Read More

Tax planning and managing the House Property

The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K....

Read More
Posted Under: Income Tax |

Addition for Notional annual value of property/part of property held as stock-in-trade

Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai)

Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai) sub-section (5) to Section 23 has been inserted by the Finance Act, 2017 w.e.f. 01-4-2018, whereby notional annual value of property/part of property held has stock-in-trade has been brought to tax subject to conditions specified in the newly inserted sub-section. The amendment is...

Read More

Income from Lease Money or Rentals taxable as Business Income if it is Exclusive or Predominant Business of Assessee

PSTS Heavy Lift and Shift Ltd Vs DCIT (Madras High Court)

The issue under consideration is whether the income earned by the Assessees during the Assessment Years in question from letting out of its warehouses or property to lessees, is taxable under the head 'Income from Business' or 'Income from House Property?...

Read More

Tenant is Deemed Owner in case of Long Term Lease & Rent Taxable as House Property Income

Nahalchand Laloochand (P) Ltd. Vs. DCIT (ITAT Mumbai)

whether assessee is considered as monthly tenant or deemed owner of the premises u/s.27(iiib) read with Section 269UA(f)(i) of the Act and accordingly whether rental income is taxable u/s.22 as 'income from house property' or not?...

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Inseparable Renting of workstations in building with amenities taxable as other Income

M/s. Telekon Media India Pvt. Ltd. Vs ITO (ITAT Delhi)

when a building and plant, machinery or furniture are inseparably let out, then under Income Tax it will be taxable under head of house Property, business or other sources?...

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