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...
Determination of Annual Value of Self-occupied property. Annual Value of one house away from work place.Determination of Annual Value of Let out house properties. Other Permissible Deductions from Annual Value in cases of let out properties. Interest for pre-construction period. Benefit for vacancy for the period when the property remains vacant (in cases of let out proporties). Exclusion of unrealised rent from annual value. Set off and carry forward of loss in cases of house properties. Computation Of Income From Self Occupied Property. Interest on borrowed capital for self occupied property. Deductions Under Section 80C In Relation To Investment In New Residential House Property
Krishna, what are the Provisions in Income Tax Act, when a Taxpayer already owns a house and again Purchases another house i.e., ‘Second House’? Arjuna, listen carefully; otherwise having a second house may become a hardship. E.g. If the Taxpayer is having a House at Aurangabad and he purchases another Flat at Mumbai, then he has to show any one property as Self Occupied Property and has to pay taxes on second House.
Rent is for space to host the antennas and not for the antennas. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be taxed as ‘income from house property’.
Automatic Form 16 cum Income Tax Calculator for Salaried Person in excel format for Financial year 2014-15 / Assessment Year 2015-16. The Calculator calculates Automatically calculates your tax liability with surcharge and marginal relief (if any). Calculator have inbuilt capability to generates Your Form 16 alongwith Form 12BA. The Calculator further incorporated ₹ symbol at all the places where amounts are to be filled.
Download Auto Income Tax calculator for Financial Year 2014-15 / Assessment Year 2015-16 to automatically calculate your taxable income and tax on it. It all provides provide brief detail of all the information and rules for the Taxation,exemption,deduction, Section and Rules and Calculate your Tax in less than 5 Minutes.
Government has raised Home/ Housing Interest Exemption amount under section 24 from Rs. 1.50 Lakh to Rs. 2 Lakh WEF Assessment Year 2015-16 in respect of Loan Taken for Purchase of Self Occupied House Property.
In Its Pre-budget Memorandum on Direct Taxes Apex Accounting Institute ICAI has suggested that deduction in respect of interest on housing loan in case of self occupied property should be increased from Rs. 1.5 Lakhs to Rs. 3 Lakhs. ICAI further suggested that Assessee should be allowed deduction equal to 30% from unrealised rent and ground rent shall be allowed as separate deduction while computing income under the head Income from House property.
Taxation of income is a fiscal matter governed by the central legislation, ‘Flat’ is house property of a special kind, and the law applicable to Flat is embodied in the special State legislation. Flat is, in several respects, distinct from exclusively owned independent house property, which is governed by the general / common law called, the Transfer of Property Act, 1882.
Auto Income tax calculator Financial year 2013-14 / Assessment year 2014-15 – The Calculator provides brief detail of all the Income Tax Exemptions,deduction, Sections and Rules Relevant for Taxation of Individual Especially Salaried Employee.
1. For what purposes can I seek a first time home loan?You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to seek specific clarifications on the above-mentioned issues from your commercial bank.
