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...
Income Tax Rule 115 deals with situation where a person has earned income in foreign currency. This income can accrue and can be received in India or out side India, but if that income is taxable in the hands of recipient then this provision has to be applied. Now a days when we are in […]
The list of deduction u/s 24 is exhaustive i.e., no deduction can be claimed in respect of expenditures which are not specified under this section e.g., no deduction is allowed for repairs, collection charges, insurance, ground rent, land revenue, etc. 1. Standard deduction u/s 24(a) 30% of the net annual value is allowed as standard […]
The chapter is divided into the following categories for the purpose of computation: 1. Let out property [Sec. 23(1)] 2. Property not actually occupied by the owner [Sec. 23(2)(b)] 3. Self-occupied property [Sec. 23(2)(a)]. 4. Partly let out and partly self occupied property [Sec. 23(3)] 5. Deemed to be let out property [Sec. 23(4)]. 6. […]
Income from the following house properties are exempted from tax: 1. Any one palace or part thereof of an ex-ruler, provided the same is not let out [Sec. 10(19A)]. Tax-point: If the ex-ruler has a house property and the part of which is self-occupied and remaining let out then only the self occupied part of […]
Rockcastle Property Private Ltd Vs ITO (ITAT Mumbai) As per the provisions of Section 23(1)(b), annual value shall be deemed to be the actual rent received or receivable by the assessee. The proviso provides for deduction of municipal taxes levied by any local authority. As per Explanation, the actual rent received or receivable would not […]
Article On Section 23 In Case The Owner of Property Is Not Able To Find A Tenant And Property Remains Vacant, Can Addition On Account Of Notional Rent Be Made Or Not ? Here we are discussing Section 23 of Income Tax Act 1961 which provides how to determine annual value of a property for […]
Whether shops and offices can be considered as a self occupied property (SOP) for the purpose of exemption under the head ‘Income from House Property’? Prior to FY 2019-20, if more than one self-occupied house property was owned by the taxpayer, only one was considered and treated as a self-occupied property and the remaining properties […]
Income from House Property Hello Friends, as u know the time of filing of income tax return is near and this article will helpful for the assesses who has income from house property, yes, in this article we are going to discuss the taxability of Income from House Property. First of all, there are some […]
The issue under consideration is whether amenities being part and parcel of building will be tax under head ‘Income from house property’ or ‘Income from other sources’?
Dream Motels (P) Ltd. Vs ITO (ITAT Mumbai) The issue under consideration is whether treating municipal taxes paid is considered as a part of rent liable to be taxed u/s 23 of the act? ITAT states that, upon due consideration of factual matrix, the crystal-clear position that emerges is the fact that as per the […]
