Income Tax : The framework clarifies that only owners or deemed owners are liable to tax under this head. Computation depends on annual value a...
Income Tax : The issue covers taxation and computation of house property income under the new law. The key takeaway is clarity on annual value,...
Income Tax : A simple guide to the five heads of income under the Income Tax Act, 1961, explaining salary, house property, business income, cap...
Income Tax : This article explains how annual value is calculated under Section 23 and why it forms the foundation of taxable income from house...
Income Tax : This guide explains how Section 22 taxes house property based on annual value rather than actual rent. It covers computation steps...
Income Tax : From April 1, 2025, rental income from house properties must be reported under "Income from House Property," not as business incom...
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 : The ITAT Mumbai ruled that an AO cannot reclassify rental income as business income if it was consistently assessed as income from...
Income Tax : ITAT Delhi rules rental income from leased property is taxable as 'House Property' for IHDP Globals, upholding consistency rule in...
Income Tax : Gujarat HC ruled that rental income from a property held as stock-in-trade by a construction business is business income, not inco...
Income Tax : ITAT Mumbai clarifies tax on builders' unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G ded...
Income Tax : Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder ca...
There are two pre-conditions for charging the income as income from house property under section 22 of the Act. Firstly, the assessee must be the owner of the property. Also, the property must not be occupied by the assessee for the purposes of his business or In other words, the property should be a residential property.
Owning a House property or any property is not without responsibility but paying House property Tax on it annually definitely is. Property can be of any nature i.e., For residential purposes or commercial all are taxed under the head of ‘ Income from House property’. Any property used for business purposes or profession is taxed […]
Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai) The issue in dispute in that case as per the Para reproduced from the Tribunal’s order above is regarding rent received from Reliance Telecom and in that case also, the assessee claimed a deduction u/s. 24 (a) of Rs. 1.65 Lakhs being 30% of such […]
Home is a basic need of any person in addition to bread and clothes. With rising prices of houses, it is almost impossible for an average person to buy a house without borrowing for it either through housing loans or through loans from friends and relatives. In this article, I wish to point out why the government should take out the present tax benefit from Section 80 C and introduce separate deduction for the principal repayment of housing loan.
It is very common that people use to purchase the house property (like flat, building etc) in joint name to ensure proper funding for the same and sometime for smooth succession thereof (e.g Generally husband and wife use to purchase property in joint name so that in case of death of any of the person […]
The issue under consideration is whether the assessee having two properties has right to choose Self occupied and deemed let out property for the purpose of taxation?
M/s. Kolte Patil Developers Limited Vs DCIT (ITAT Pune) The issue in the present case is with respect to addition under the head ‘income from house property’ on the 32 unsold flats/shops by the assessee. It is an undisputed fact that assessee is in the business of Civil Engineers, Builders and Developers and had in […]
Buying a house is a dream for millions of people in India. The government has provided various tax benefits to individuals to encourage them to buy a house property under the ‘housing for all’ initiative. One of the important things to note is that if the property is held jointly, individuals can receive additional tax […]
Scrutiny Selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019. The Finance Act, 2017 has made a slew of changes in various heads of income. Though adequate care has been taken while filing return of income but the need arises to have a relook at the changes made […]
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 […]
