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...
Vishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) Brief facts of the case are, that the assessee is a Charitable Trust, having income under the heads Income from House Property and Income from Other Sources. The assessee has filed its return of income online on 29-09-2012 showing taxable income as NIL with a refund claim of […]
Income under the head House Property. Basis of Chargeability (Section 22): Any Income under house property is charged if following conditions are satisfied ♦ Property consisting of any buildings or lands appurtenant thereto ♦ Assessee is the owner of the property ♦ Not used for the purposes of any business or profession carried on by […]
DCIT Vs Pfizer Ltd (ITAT Mumbai) AO treated the rental income of Rs. 5,47,89,000/- received by the assessee from subleasing of commercial properties as income from business as against claim of the assessee being income from house property on the ground that renting out of premises amounts to commercial exploitation for business purpose by the […]
Are you planning to avail a home loan? Have you already availed a home loan but are not sure if you should prepay your loan or keep it as it is because of the associated tax benefit? If so, this article may help you decide your way forward. Although your bank must have already educated […]
Do you intend to buy your first ever real estate property this coming month? Well, congratulations! But did you also know that you could generate rental income from that property of yours? Buying your first real estate property is a significant step for any investor.
Whether properties rented for earning renting income by a company in all cases will be considered as income from house property? In this article we are going to discuss an important judgement of the Supreme Court in which it was held that renting of property and rent income in all cases will not be considered […]
BASICS: A house property can be anything which is attached to the land and it can be your house, your office, or can be a shop and also can be a building. The income tax does not distinguish between any of your commercial place or your house where you stay. All the properties are taxed […]
In our considered view, for claiming deduction of interest under Sec. 24(b) of the Act there is neither any such precondition nor an eligibility criteria prescribed that the assessee should have taken possession of the property so purchased or acquired by him.
Exempted Income from House property There are certain cases where income from House property is exempted. As per section 10 of Income Tax Act 1961, below income are exempted and not to be included while calculating the total income of Assessee. 1. [Section 2(1)(c)] Agricultural House Property Income from such house property which is situated […]
Section 22 of the Income tax Act, 1961 is the charging section for head Income from House Property. As per this section, the assessee must be the owner of the property which is subject to income under the head House Property. Property can be any building or land not necessarily residential.
