Income from House Property

Claim Tax Benefit on HRA as well as Tax Deduction on Home Loan

Income Tax - For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liability. You will be pleased to know, in certain cases, you can avail tax benefits from both of these....

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Renting A House? Here Is Your Legal Checklist

Income Tax - Renting a Property is always a difficult task for Landlord ..they always in dilemma that what are papers they need to collect from Tenant.Here are checklist of it....

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A Detailed Discussion on Taxability under the Head “Income from House Property”

Income Tax - ncome from House Property covers the rent earned from the House property which is chargeable to tax. Sometimes, the owner may have to pay tax on 'deemed rent' in case the property is not let out or vacant. The income from house property would be taxable if it satisfies the following three essential conditions:...

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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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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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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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Interest on home Loan availed of to repay earlier loan is allowable U/s. 24(b)

Akulu Nagaraj Gupta Subbaraju Vs. ITO (ITAT Bangalore) - If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest paid on the second loan would also be allowed as deduction under section 24....

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Building under construction cannot be taxed as deemed let out property

CIT Vs M/s. National Engineering Industries Ltd. (Calcutta High Court) - Building being under construction during relevant previous year, the same could not be taxed applying provision of Section 23(1)(c) of Income Tax Act, 1961. ...

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Common Area Maintenance and non-occupancy charges paid are deductible from rent in computation of ‘Annual Letting Value’ u/s 22

DCIT Vs. Yogen D. Sanghvi (ITAT Mumbai) - Common Area Maintenance Charges and non-occupancy charges paid by the assessee to the Society are deductible from the rent while computing the Annual Letting Value u/s 22...

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Appropriate rate of interest for estimating ALV of Property let out without rent

ITO Vs. PASL Windtech (P) Ltd. (ITAT Ahemdabad) - In our opinion, for determining the income from the property, it should be rate of return on the investment of similar amount in another asset. Therefore, in our opinion, the Commissioner (Appeals) was fully justified in estimating the ALV on the basis of interest which assessee would have earned on...

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Amenity charges forming part of same transaction is assessable as House Property Income

Prakash Datta Samant Vs. Assistant Commissioner Of Income Tax (ITAT Mumbai) - A bare perusal of nature of services, prima facie, reveals that the said services were of general in nature which is usually provided by the landlord to the tenant. Therefore, amenity charges, in our opinion, being part and parcel of same transaction, were asses sable as Income from House Property....

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Recent Posts in "Income from House Property"

Interest on home Loan availed of to repay earlier loan is allowable U/s. 24(b)

Akulu Nagaraj Gupta Subbaraju Vs. ITO (ITAT Bangalore)

If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest paid on the second loan would also be allowed as deduction under section 24....

Read More

Building under construction cannot be taxed as deemed let out property

CIT Vs M/s. National Engineering Industries Ltd. (Calcutta High Court)

Building being under construction during relevant previous year, the same could not be taxed applying provision of Section 23(1)(c) of Income Tax Act, 1961. ...

Read More

Claim Tax Benefit on HRA as well as Tax Deduction on Home Loan

For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liability. You will be pleased to know, in certain cases, you can avail tax benefits from both of these....

Read More
Posted Under: Income Tax |

Renting A House? Here Is Your Legal Checklist

Renting a Property is always a difficult task for Landlord ..they always in dilemma that what are papers they need to collect from Tenant.Here are checklist of it....

Read More
Posted Under: Income Tax |

A Detailed Discussion on Taxability under the Head “Income from House Property”

ncome from House Property covers the rent earned from the House property which is chargeable to tax. Sometimes, the owner may have to pay tax on 'deemed rent' in case the property is not let out or vacant. The income from house property would be taxable if it satisfies the following three essential conditions:...

Read More
Posted Under: Income Tax |

Common Area Maintenance and non-occupancy charges paid are deductible from rent in computation of ‘Annual Letting Value’ u/s 22

DCIT Vs. Yogen D. Sanghvi (ITAT Mumbai)

Common Area Maintenance Charges and non-occupancy charges paid by the assessee to the Society are deductible from the rent while computing the Annual Letting Value u/s 22...

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 | ,

Appropriate rate of interest for estimating ALV of Property let out without rent

ITO Vs. PASL Windtech (P) Ltd. (ITAT Ahemdabad)

In our opinion, for determining the income from the property, it should be rate of return on the investment of similar amount in another asset. Therefore, in our opinion, the Commissioner (Appeals) was fully justified in estimating the ALV on the basis of interest which assessee would have earned on the investment of the similar amount. ...

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 | ,

Amenity charges forming part of same transaction is assessable as House Property Income

Prakash Datta Samant Vs. Assistant Commissioner Of Income Tax (ITAT Mumbai)

A bare perusal of nature of services, prima facie, reveals that the said services were of general in nature which is usually provided by the landlord to the tenant. Therefore, amenity charges, in our opinion, being part and parcel of same transaction, were asses sable as Income from House Property....

Read More
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