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...
Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai) sub-section (5) to Section 23 has been inserted by the Finance Act, 2017 w.e.f. 01-4-2018, whereby notional annual value of property/part of property held has stock-in-trade has been brought to tax subject to conditions specified in the newly inserted sub-section. The amendment is substantive in nature […]
The issue under consideration is whether the income earned by the Assessees during the Assessment Years in question from letting out of its warehouses or property to lessees, is taxable under the head ‘Income from Business’ or ‘Income from House Property?
whether assessee is considered as monthly tenant or deemed owner of the premises u/s.27(iiib) read with Section 269UA(f)(i) of the Act and accordingly whether rental income is taxable u/s.22 as ‘income from house property’ or not?
when a building and plant, machinery or furniture are inseparably let out, then under Income Tax it will be taxable under head of house Property, business or other sources?
Some fundamental tax questions never seem to go out of fashion, irrespective of numerous judicial precedents on the matter. One such matter is the taxability of income from renting of immovable properties (Land and Buildings). The Income can broadly fall under the following two heads of income in the Income Tax Act: 1. Income from […]
The issue under consideration is whether the addition on account of notional rent in respect of vacant property is justified in law?
House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]
PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore.
The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?
In the income tax there are five heads to calculate and report income to department. One of those heads is Income from house property. Owning a house is everyone’s dream but with this dream there comes a responsibility to calculate tax on it. Let’s discuss about it. Question:1 What falls under the House property? Answer: […]
