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Income Tax - Are you looking for a home loan? If yes, then this is the right time to apply for the same. If your annual income is up to INR 18 lakh, you are now eligible for interest subsidy on home loans under the Pradhan Mantri Awas Yojana (PMAY). The interest subsidy is allowed under the new […]...
Read MoreIncome Tax - Repayment of housing loan is through Equated Monthly Installments (EMI) which consists of principal and interest component. As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections while filing...
Read MoreIncome Tax - Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....
Read MoreIncome Tax - Is rental income from sub-letting chargeable to tax under the head Income from house property? Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property. Hence, rental income recei...
Read MoreIncome Tax - Rental income in the hands of owner is charged to tax under the head “Income from house property”. Rental income of a person other than the owner cannot be charged to tax under the head “Income from house property”. Hence, rental income received ...
Read MoreBimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad) - Bimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad)- ITAT held that income earned by the assessee, in consideration of having given rights to have play hoardings etc. are taxable as income from house property. Accordingly, deduction under section 24(a) was indeed admissible in the present...
Read MoreRanjeet D Vaswani Vs The. ACIT-12(3) (ITAT Mumbai) - While calculating annual rental value for Income from House Property, expenses like brokerage, electricity expenses, legal expenses and bank charges would not be allowed as permissible expenditures as these expenses are not covered under sections 23 and 24 of Income Tax Act, 1961 as permissible ex...
Read MoreGayatri Maheshwari Vs I.T.O. (ITAT Jodhpur) - 6. The ld. CIT(A) on consideration of the assessment order, assessee’s submissions and the case laws relied upon by the assessee, has held as under: The only dispute in the instant case is whether the interest paid by the assessee to the bank on loan availed for purchase of property could be allow...
Read MoreDCIT Vs M/s. Patton Developers Pvt. Ltd. (ITAT Kolkata) - Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961?...
Read MorePriya Mahajan Vs Commissioner of Income Tax (Appeals) (Punjab and Haryana High Court) - Since the individual shares were not specified in the sale deed and the house property as well as the housing loan is to be taken as jointly by all the co-owners, the logical conclusion is that everyone had equal share in the property and the assessee was entitled to 1/4th deduction, i.e. 25% of the...
Read MoreRBI/2009-10/ 262 UBD (PCB) BPD Cir No. 34 /16.26.000/2009- 10 - (17/12/2009) - 2. With a view to disseminating information on the SLR status of a Government security, it has been decided that: (i) the SLR status of securities issued by the Government of India and the State Governments will be indicated in the Press Release issued by the Reserve Bank of India at the time of iss...
Read MoreBimanagar Co. Op. Housing Society Ltd. Vs ITO (ITAT Ahmedabad) -
Ranjeet D Vaswani Vs The. ACIT-12(3) (ITAT Mumbai) -
Gayatri Maheshwari Vs I.T.O. (ITAT Jodhpur) -
DCIT Vs M/s. Patton Developers Pvt. Ltd. (ITAT Kolkata) -
