section 23

Tax on Income from House Property

Income Tax - 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....

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Whether Society maintenance charges are allowable from Annual Value of Property under Section 23 :- Yes- Yes/No – No

Income Tax - Allowability of society maintenance charges from rental income - Section 22 : deals  the Annual value of property  and  Section 23  determine the  ‘Annual value’, whereas the  Allowable deductions from 'Income from House property' is in section 25 and  Section 25 the amounts not deductable from 'Income from House property'....

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Section 23 | Notional Rent Addition | Property Remained Vacant

Income Tax - 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 […]...

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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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6 Suggestions for Amendments in Income Tax Act by BCAS

Income Tax - Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....

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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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ITAT deletes addition for Notional Rent on Property lying vacant

Empire Infraspace India Pvt. Ltd. Vs ACIT  (ITAT Mumbai) - Empire Infraspace India Pvt. Ltd. Vs ACIT  (ITAT Mumbai) Actually, the premises in question was on rent earlier with the HDFC Bank. Under the compelled circumstances, the tenant HDFC Bank vacated the premises because the Metro Rail Project came before the premises, therefore, the said premise was v...

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Addition for Notional annual value of property/part of property held as stock-in-trade

Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai) - 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 newl...

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Property used for business cannot be treated as vacant for section 23

Ideal Hitech Engineering Equipment (P) Ltd. Vs ITO (ITAT Delhi) - We are of the view that the company having occupied the property for its own purposes, no notional rent can be added. It may be germane to mention here that this is the only property owned and occupied by the assessee as its registered office. It is not the case of the AO that the assessee company w...

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No deemed rent u/s 23(1)(a) if actual rent received or receivable is less than ALV

ACIT Vs Sh. A. S. Motiwala (ITAT Mumbai) - Where the property or any part of the property is let and was vacant during the whole or part of the previous year and owing to such vacancy, the actual rent received or receivable is less than ALV, the sum so received or receivable during the year is less than the sum received or receivable during ...

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Deduction of interest on borrowed capital U/s. 24(b) on building demolished during the year

Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai) - Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai) As long as the ‘annual value’ of a property can be determined under 23, there would be no embargo, as regards claim of ‘interest on borrowed capital’ under section 24(b).  Though a restriction as regards the quantum of deduction, is provided in ...

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Recent Posts in "section 23"

Tax on Income from House Property

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....

Read More
Posted Under: Income Tax |

Whether Society maintenance charges are allowable from Annual Value of Property under Section 23 :- Yes- Yes/No – No

Allowability of society maintenance charges from rental income - Section 22 : deals  the Annual value of property  and  Section 23  determine the  ‘Annual value’, whereas the  Allowable deductions from 'Income from House property' is in section 25 and  Section 25 the amounts not deductable from 'Income from House property'....

Read More
Posted Under: Income Tax |

Section 23 | Notional Rent Addition | Property Remained Vacant

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 […]...

Read More
Posted Under: Income Tax |

ITAT deletes addition for Notional Rent on Property lying vacant

Empire Infraspace India Pvt. Ltd. Vs ACIT  (ITAT Mumbai)

Empire Infraspace India Pvt. Ltd. Vs ACIT  (ITAT Mumbai) Actually, the premises in question was on rent earlier with the HDFC Bank. Under the compelled circumstances, the tenant HDFC Bank vacated the premises because the Metro Rail Project came before the premises, therefore, the said premise was vacated by Bank. On similar circumstances...

Read More

Addition for Notional annual value of property/part of property held as stock-in-trade

Tata Housing Development Company Ltd vs PCIT (ITAT Mumbai)

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...

Read More

Property used for business cannot be treated as vacant for section 23

Ideal Hitech Engineering Equipment (P) Ltd. Vs ITO (ITAT Delhi)

We are of the view that the company having occupied the property for its own purposes, no notional rent can be added. It may be germane to mention here that this is the only property owned and occupied by the assessee as its registered office. It is not the case of the AO that the assessee company was having some other premises to have it...

Read More

No deemed rent u/s 23(1)(a) if actual rent received or receivable is less than ALV

ACIT Vs Sh. A. S. Motiwala (ITAT Mumbai)

Where the property or any part of the property is let and was vacant during the whole or part of the previous year and owing to such vacancy, the actual rent received or receivable is less than ALV, the sum so received or receivable during the year is less than the sum received or receivable during year shall be annual value, then no deem...

Read More

6 Suggestions for Amendments in Income Tax Act by BCAS

Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....

Read More
Posted Under: Income Tax |

Deduction of interest on borrowed capital U/s. 24(b) on building demolished during the year

Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai)

Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai) As long as the ‘annual value’ of a property can be determined under 23, there would be no embargo, as regards claim of ‘interest on borrowed capital’ under section 24(b).  Though a restriction as regards the quantum of deduction, is provided in the first proviso of section […]...

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 | ,

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