section 23 articles

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....

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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'....

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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 […]...

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Posted Under: Income Tax |

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...

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