Income Tax : Understand deemed ownership under Section 27 of the Income Tax Act, 1961. Learn about conditions where non-legal owners are treate...
Income Tax : Learn about income from house property, including self-occupied, let-out, and inherited properties. Explore tax implications, dedu...
Income Tax : Explore the intricate details of different heads of income, including salaries, and their tax implications. Gain insights into tax...
Income Tax : Discover differences between Self-Occupied Property (SOP), Deemed Let out Property (DLOP), and Let out Property (LOP) in house own...
Income Tax : Explore Section 54 Exemption's basics, amounts, and consequences in capital gains, with detailed computations and insights on tax-...
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 ho...
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 perc...
Income Tax : Delhi High Court upholds constitutional validity of Sec. 71(3A) of Income Tax Act, limiting set-off amount but not eliminating ded...
Income Tax : Analysis of ITAT Ahmedabad's decision in Mansha Textiles vs ITO case. ITAT allows interest deduction u/s 24(b) when income is rece...
Income Tax : ITAT Mumbai's decision in Shyamnarayan Trades Pvt Ltd vs ITO clarifies deductibility of interest on property loans, addressing loa...
Income Tax : ITAT Ahmedabad held that assessee was engaged in business of leasing out its house properties to earn rent, income so earned as re...
Income Tax : ITAT Pune in Pride Purple Properties, quashed retrospective determination of annual letting value of un-sold residential units. IT...
Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai) Undisputedly, the assessee has derived rental income from letting out space in the terrace of the building to mobile companies for installing their mobile tower / antenna. It is also a fact that the assessee has offered such rental income as income from house […]
Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business.
A home loan must be taken for the purchase/construction of a house and the construction of the house must be completed within 5 years from the end of financial year in which loan was taken. If you are paying EMI for the housing loan, it has two components – interest payment and principal repayment. The […]
Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders.
Shri Hitesh H Budhbhatti Vs ITO (ITAT Ahmedabad) The allowability of interest expenditure on borrowed capital for purchase of residential house under s.24 of the Act is in question. As per Section 23(2) of the Act, the gross annual value of the residential house shall be taken at ‘nil’ where such house is in the […]
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 […]
The terrace of the building cannot be considered as distinct and separate but certainly is a part of the house property. Therefore, letting-out space on the terrace of the house property for installation and operation of mobile tower / antenna certainly amounts to letting-out a part of the house property itself.
SECTION 22 – CHARGING SECTION ♣ Annual Value of Property consisting of any buildings or land appurtenant there to. Tax under this head is not levied on the rent of the property but it is on the capacity of a property to earn income, Hence the words used in the charging Section is “Annual Value”. […]
DCIT Vs Moni Kumar Subba (ITAT Delhi) In the present case, the AO added notional interest on the interest free security for arriving at annual letting value. Since that was not permissible, the effect would be that such assessment was rightly set aside by the CIT (A) and the Tribunal. Therefore, the orders would not […]
Buying a home is a dream come true for many , but a bit of homework could reduce your tax liability enormously. Many of us are aware that interest on home loan enjoys tax benefits, but only few might know that House Rent Allowance, a component in your salary, could also be a big tax saver if it is combined with the home loan benefit.
