Income Tax : Learn how rental income is taxed, who is treated as the owner, and how deductions under Section 24 are computed. The guidance also...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : A comprehensive guide explaining taxation of house property income, annual value computation, deemed ownership, and deductions und...
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 : 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...
The amendment clarifies the two-year nil annual value period for unsold stock-in-trade property. It also confirms that prior-period interest is included within the ₹2 lakh deduction limit.
Understand the taxation rules for income from house property, including the basis of charge, computation of Gross and Net Annual Value, allowed deductions like standard deduction and interest on borrowed capital, and special provisions for co-owners and deemed owners.
The ITAT Mumbai ruled that an AO cannot reclassify rental income as business income if it was consistently assessed as income from house property in previous years.
The Finance Act (No.2) of 2024 has changed how residential rental income is taxed in India, classifying it as “Income from House Property.”
Learn about taxation of income from house property under Income Tax Act, 1961. Understand how to calculate income for self-occupied and let-out properties.
ITAT Delhi rules rental income from leased property is taxable as ‘House Property’ for IHDP Globals, upholding consistency rule in tax assessment.
Gujarat HC ruled that rental income from a property held as stock-in-trade by a construction business is business income, not income from house property.
ITAT Mumbai clarifies tax on builders’ unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G deduction for CSR expenses, citing judicial precedents.
Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder cannot be taxed as business income or income from house property for the Assessment Year 2013-14. This decision predates the 2017 amendment to Section 23(5) of the Income-tax Act.
Delhi ITAT allows Shivsagar Builders’ appeal, deleting additions for notional rent on inventory and clarifying taxable revenue based on contractual agreements.
