Income from House Property

Tax Planning with regard to House Property

Income Tax - In Income Tax Act, 1961, various deductions as well as exemptions are available for those who own a house property or thinking of owning one in future. By availing these tax benefits, major tax saving is possible. Hence, becoming aware about these benefits is all important to reduce the tax burden. Let’s consider each comprehensively. [...

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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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Benefits of Housing Loan

Income Tax - 1. Tax benefits:- 1. Section 80 C :- Upto 150000 of principal repayment 2. Section 24(b):- Interest on borrowed capital as follows :- a) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction. b) In respect of self-...

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Taxation of Income from House Property

Income Tax - Taxation of House Property in India is governed by Income Tax Act,1961. Owning a house one day, everybody dreams of this, saves towards this and hopes to achieve this. However, owning a house property is not without responsibilities. Paying house property taxes annually is one of them....

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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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Section 23(5) taxing Unsold Flats of Real Estate Business Applicable from A.Y. 2018-19

Rajesh Dharamvir Gulati Vs PCIT (ITAT Mumbai) - Section 23(5) of Income Tax Act (Notional Rent Tax on Real Estate unsold flats) introduced from 01/04/2018 and would be applicable only from A.Y.2018-19 onwards....

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Deemed notional rent in respect of unsold flats held as stock in trade applicable wef AY 2018-19

Sheth Developers Private Limited Vs DCIT (ITAT Mumbai) - Sheth Developers Private Limited Vs DCIT (ITAT Mumbai) It is not in dispute that the unsold flats lying in the balance sheet with the assessee were held as stock in trade by the assessee. It is not in dispute that the sale of flats shall be assessable as business income in the hands of the […...

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ALV of property, which could not be let out, would be nil

Purushotamdas Goenka Vs ACIT (ITAT Mumbai) - Purushotamdas Goenka Vs ACIT (ITAT Mumbai) We find that in this case ,three properties owned by the assessee in Amritsar namely Madanmohan Malviya Road, Amritsar, Punjab, property at Moonlight Building, Katra Ahluwalia and Ramkin Joint property at MM Malviya Road, Amritsar remained vacant throughout...

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Section 80P(2)(a) deduction not eligible on Income from house property

ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) - ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) The CIT(A) had held rental income received by the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. The relevant finding of the CIT(A) reads as follows:- “The appellant derived rental income amounting to Rs.24,400/- in A...

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Income from Sub-leasing of properties – Business or House Property?

Rayala Corporation Private Limited Vs. ACIT (Madras High Court) - Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Section 28) or Income form House Property (Section 22)....

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Recent Posts in "Income from House Property"

Section 23(5) taxing Unsold Flats of Real Estate Business Applicable from A.Y. 2018-19

Rajesh Dharamvir Gulati Vs PCIT (ITAT Mumbai)

Section 23(5) of Income Tax Act (Notional Rent Tax on Real Estate unsold flats) introduced from 01/04/2018 and would be applicable only from A.Y.2018-19 onwards....

Read More

Tax Planning with regard to House Property

In Income Tax Act, 1961, various deductions as well as exemptions are available for those who own a house property or thinking of owning one in future. By availing these tax benefits, major tax saving is possible. Hence, becoming aware about these benefits is all important to reduce the tax burden. Let’s consider each comprehensively. [...

Read More
Posted Under: Income Tax |

Deemed notional rent in respect of unsold flats held as stock in trade applicable wef AY 2018-19

Sheth Developers Private Limited Vs DCIT (ITAT Mumbai)

Sheth Developers Private Limited Vs DCIT (ITAT Mumbai) It is not in dispute that the unsold flats lying in the balance sheet with the assessee were held as stock in trade by the assessee. It is not in dispute that the sale of flats shall be assessable as business income in the hands of the […]...

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 |

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 | ,

Benefits of Housing Loan

1. Tax benefits:- 1. Section 80 C :- Upto 150000 of principal repayment 2. Section 24(b):- Interest on borrowed capital as follows :- a) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction. b) In respect of self-...

Read More
Posted Under: Income Tax |

ALV of property, which could not be let out, would be nil

Purushotamdas Goenka Vs ACIT (ITAT Mumbai)

Purushotamdas Goenka Vs ACIT (ITAT Mumbai) We find that in this case ,three properties owned by the assessee in Amritsar namely Madanmohan Malviya Road, Amritsar, Punjab, property at Moonlight Building, Katra Ahluwalia and Ramkin Joint property at MM Malviya Road, Amritsar remained vacant throughout the year though the same were let out i...

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Section 80P(2)(a) deduction not eligible on Income from house property

ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin)

ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) The CIT(A) had held rental income received by the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. The relevant finding of the CIT(A) reads as follows:- “The appellant derived rental income amounting to Rs.24,400/- in A.Y. 2007-08, Rs.21,950/- in A.Y. 2008-09...

Read More

Taxation of Income from House Property

Taxation of House Property in India is governed by Income Tax Act,1961. Owning a house one day, everybody dreams of this, saves towards this and hopes to achieve this. However, owning a house property is not without responsibilities. Paying house property taxes annually is one of them....

Read More
Posted Under: Income Tax |

Income from Sub-leasing of properties – Business or House Property?

Rayala Corporation Private Limited Vs. ACIT (Madras High Court)

Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Section 28) or Income form House Property (Section 22)....

Read More

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