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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 vacant.
That on the facts and circumstances of the case and in law the Ld. CIT(A) erred in deleting the addition made by the Aa in treating the income of Rs. 12,00,000/- received towards service charges under the head ‘income from house property
In our opinion, for determining the income from the property, it should be rate of return on the investment of similar amount in another asset. Therefore, in our opinion, the Commissioner (Appeals) was fully justified in estimating the ALV on the basis of interest which assessee would have earned on the investment of the similar amount.
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
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.
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 to whether the earlier order of the Tribunal in assessee’s own case was necessarily to be followed or not.
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.
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.
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 .
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) from the society at the time of transfer of a flat.
