Income from House Property

Income from House Property- All you want to know

Income Tax - 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. Hence, rental income received ...

Read More

When Rs. 2,00,000 maximum interest deduction not available on SOP

Income Tax - We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have dis...

Read More

Income Tax Benefits from House Property and Loan

Income Tax - Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C....

Read More

Deduction of Interest on Home Loan From House Property income

Income Tax - Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of  house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]...

Read More

Interest on Home Loan on Self Occupied House –Tax benefits

Income Tax - If capital is borrowed for reconstruction, repairs or renewals of a house property), then the maximum amount of deduction on account of interest is Rs. 30,000 (and not Rs. 2,00,000)....

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

Interest on Home Loan- Deduction U/s. 24(b) and in Computation of Capital Gain

Sh. Subhash Bana Vs. ACIT (ITAT Delhi) - Deduction under section 24(b) and computation of capital gains under section 48 being altogether different provisions, interest paid to bank for acquiring capital asset would be eligible as part of cost of acquisition, even if same had been claimed under section 24(b) while computing income from hou...

Read More

No exemption for one SOP U/s. 23(2)(a) if property was not occupied by the owner

Mrs. Kusum Lata Jain, Vs ACIT (ITAT Delhi) - This appeal by the assessee is directed against order dated 15/06/2012 of learned Commissioner of Income-tax (Appeals)-XXXI, New Delhi [in short ‘the CIT-(A)’] for assessment year 2007-08 raising following grounds...

Read More

Rent received by Association of Co-Owners Whose only Objective is to Derive Income from Letting out of Property is Taxable as ‘Income from House Property’

Manek Lodge Properties Vs. Additional Commissioner of Income Tax (ITAT Mumbai) - Manek Lodge Properties Vs. Additional Commissioner of Income Tax (ITAT Mumbai) In the present case the assessee is nothing but association of co-owners of certain properties whose only objective is to derive income from letting out of property and nothing more. The bench also held that if the conten...

Read More

Maintenance charges deductible in ALV calculation of Let Out House Property

Krishna N Bhojwani, Vs. Asstt. (ITAT Mumbai) - Krishna N Bhojwani, Vs. ACIT (ITAT Mumbai) While calculating annual value of the let out property, maintenance charges paid to the society by the assessee is admissible deduction from the annual let out value under section 23(1)(b). Hence, disallowance made by AO was not justified. FULL TEXT OF ITAT...

Read More

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
Sorry No Post Found

Recent Posts in "Income from House Property"

Income from House Property- All you want to know

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. Hence, rental income received ...

Read More
Posted Under: Income Tax | ,

When Rs. 2,00,000 maximum interest deduction not available on SOP

We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have dis...

Read More
Posted Under: Income Tax |

Income Tax Benefits from House Property and Loan

Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C....

Read More
Posted Under: Income Tax |

Deduction of Interest on Home Loan From House Property income

Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of  house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]...

Read More
Posted Under: Income Tax | ,

Interest on Home Loan on Self Occupied House –Tax benefits

If capital is borrowed for reconstruction, repairs or renewals of a house property), then the maximum amount of deduction on account of interest is Rs. 30,000 (and not Rs. 2,00,000)....

Read More
Posted Under: Income Tax | ,

Tax benefits you can avail by investing in an apartment

Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied and let-out apartments all differ from each other. Knowing the nitty-gritty of these tax laws can help you claim all the deductions you stand eligible for. Here’s ...

Read More
Posted Under: Income Tax |

Taxability of second House under Income Tax Act,1961

People buy a second home for many reasons, which, inter-alia, include as an investment for capital appreciation; to use it as a holiday home; to get a regular stream of income by way of rentals; or to diversify their investment portfolio. However, it is important for an individual, who is planning to buy a second home, to understand the t...

Read More
Posted Under: Income Tax | ,

House Rent Allowance (HRA) Taxability & calculation

Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel format for easy calculation of exempt HRA Allowance out of Total HRA received by Salaried Assessee....

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 | ,

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 |
Page 1 of 1212345...10...Last »

Browse All Categories

CA, CS, CMA (3,750)
Company Law (3,883)
Custom Duty (6,955)
DGFT (3,686)
Excise Duty (4,144)
Fema / RBI (3,479)
Finance (3,670)
Income Tax (27,501)
SEBI (2,899)
Service Tax (3,370)

Search Posts by Date

July 2018
M T W T F S S
« Jun    
 1
2345678
9101112131415
16171819202122
23242526272829
3031