section 23

Tax & Loan Eligibility benefits from Home loan in Joint Names

Income Tax - Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan. Interest paid on the loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the taxable income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vac...

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Guidance note on Clause 17A of 3CD report – Amount inadmissible u/s. 23 of the Micro, Small and Medium Enterprises Development Act, 2006

Income Tax - This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 . ...

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Seller do not require NOC from society at the time of transfer of a flat

Income Tax - Actor Emraan Hashmi, who was refused an NOC to buy a flat in Nibbana housing society at Pali Hill allegedly because he was a Muslim, has one more quarter to turn to for help. The model bye-laws framed by the state government under the Maharashtra Cooperative Societies Act hold that a person does not require a no objection certificate (NOC...

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Notional rent payable if assessee owns more than 1 property

Susham Singla Vs CIT (Punjab and Haryana High Court) - Annual value of properties like the ones in case in hand which are more than one, owned by assessee and which admittedly remained vacant throughout the previous year would not be assessed U/s. 23(1)(c) but under Section 23(1)(a). The annual value would, therefore, be determined notionally ...

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Deemed let Out property – ALV cannot exceed standard rent under Rent Control Act

Ms. Pramila H. Sanghvi Vs Income tax Officer (ITAT Mumbai) - This appeal by the assessee is directed against the order dated 3.2.2011 of CIT(A) for the assessment year 2005-06. The only dispute raised is regarding annual value of second house property which was self occupied by the assessee....

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Determination of ALV of a let out property

ITO Vs Banker Technical Services Pvt. Ltd. (ITAT Mumbai) - I have given my careful consideration to the rival contentions. The first issue, in my view, to be addressed in this case is as to the determination of annual letting value of the house property in accordance with the provisions of section 23(1)(a) of the Act. Once that issue is decided, then it wil...

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Annual Letting Value of house property under section 23(1)(a) of Income Tax Act, 1961

Income Tax Officer 9(1)(2) Vs. M/s Baker Technical Services Private Limited (ITAT Mumbai) - In respect of properties where restriction under Rent Control Act is not applicable, the annual letting value has got to be determined after taking into consideration various factors and the standard rent or Municipal valuation may be adjusted after taking into account such factors....

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Two separate agreements to purchase a flat having two separate numbers do not mean that they are two residential units

Suresh C. Sadarangani Vs. ACIT (ITAT Mumbai) - word `property' has been used by the legislature in a wider sense so as to include more than one house. However, the right to compute the ALV at nil in respect of self occupied property is restricted to one house even thought he property owned by the assessee may consist of more than one house....

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Recent Posts in "section 23"

Notional rent payable if assessee owns more than 1 property

Susham Singla Vs CIT (Punjab and Haryana High Court)

Annual value of properties like the ones in case in hand which are more than one, owned by assessee and which admittedly remained vacant throughout the previous year would not be assessed U/s. 23(1)(c) but under Section 23(1)(a). The annual value would, therefore, be determined notionally ...

Read More

Tax & Loan Eligibility benefits from Home loan in Joint Names

Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan. Interest paid on the loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the taxable income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vac...

Read More
Posted Under: Income Tax | ,

Deemed let Out property – ALV cannot exceed standard rent under Rent Control Act

Ms. Pramila H. Sanghvi Vs Income tax Officer (ITAT Mumbai)

This appeal by the assessee is directed against the order dated 3.2.2011 of CIT(A) for the assessment year 2005-06. The only dispute raised is regarding annual value of second house property which was self occupied by the assessee....

Read More

Determination of ALV of a let out property

ITO Vs Banker Technical Services Pvt. Ltd. (ITAT Mumbai)

I have given my careful consideration to the rival contentions. The first issue, in my view, to be addressed in this case is as to the determination of annual letting value of the house property in accordance with the provisions of section 23(1)(a) of the Act. Once that issue is decided, then it will be easy to decide the second issue as ...

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Annual Letting Value of house property under section 23(1)(a) of Income Tax Act, 1961

Income Tax Officer 9(1)(2) Vs. M/s Baker Technical Services Private Limited (ITAT Mumbai)

In respect of properties where restriction under Rent Control Act is not applicable, the annual letting value has got to be determined after taking into consideration various factors and the standard rent or Municipal valuation may be adjusted after taking into account such factors....

Read More

Two separate agreements to purchase a flat having two separate numbers do not mean that they are two residential units

Suresh C. Sadarangani Vs. ACIT (ITAT Mumbai)

word `property' has been used by the legislature in a wider sense so as to include more than one house. However, the right to compute the ALV at nil in respect of self occupied property is restricted to one house even thought he property owned by the assessee may consist of more than one house....

Read More

Guidance note on Clause 17A of 3CD report – Amount inadmissible u/s. 23 of the Micro, Small and Medium Enterprises Development Act, 2006

This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 . ...

Read More
Posted Under: Income Tax |

Seller do not require NOC from society at the time of transfer of a flat

Actor Emraan Hashmi, who was refused an NOC to buy a flat in Nibbana housing society at Pali Hill allegedly because he was a Muslim, has one more quarter to turn to for help. The model bye-laws framed by the state government under the Maharashtra Cooperative Societies Act hold that a person does not require a no objection certificate (NOC...

Read More
Posted Under: Income Tax |

Brokerage paid on renting of property not allowable u/s. 23 and 24 of the Income Tax Act

Tube Rose Estates Pvt. Ltd. Vs ACIT (ITAT Delhi)

Brokerage could be claimed as collection charges if as per the agreement, it is the responsibility of the broker to collect the rent but provision relating to deduction on account of collection charges in sub-clause (viii) of section 24 stand deleted from Assessment year 1993-94 and collection charges are included in the lump-sum deducti...

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Whether There Is A Direct Conflict Of Decisions Delivered By Division Bench?

P. G. & Sawoo (P.) Ltd. Vs. ACIT (Calcutta High Court)

It is also to be noted that Dr. Pal at that point of time tried to distinguish the said judgment in the Hamilton’s case (supra) with the judgment of Hope (India) Ltd. (supra) and submitted that there is no inconsistency in the view taken by the subsequent Division Bench in the Hope (India) Ltd case (supra) and in this subsequent decisio...

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