section 24

Taxation of Co-operative Housing Societies & Income Tax Return

Income Tax - In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax....

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Housing Loans Come With Twin Benefits

Income Tax - Various tax benefit available under the Income Tax Act 1961, would help house aspirers to go in for housing loans which were a bit costlier till now. Taking loans for housing needs also makes an economic sense as it offers income tax incentives and exemptions....

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Income Tax Benefits for Assesses taking Home loan

Income Tax - So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions available under the Act for the payment of loan amount (principal) as well as the interest component the same includes home loan interest deduction under section 24, Section...

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FAQs on Housing Loan & Income tax benefit

Income Tax - Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA. ...

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Income from House Property- All you want to know

Income 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 ...

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Home Loan Interest deduction on House Property under co-ownership

Shardaben Bhavani Vs ITO (ITAT Mumbai) - The present appeals filed by the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-44, Mumbai, dated 20.04.2016, for A.Ys 2006-07 and 2007-08, which in itself arises from the orders passed by the A.O under Sec. 147 r.w.s 143(3) of the Income-tax act, 1961 (f...

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Interest on home Loan availed of to repay earlier loan is allowable U/s. 24(b)

Akulu Nagaraj Gupta Subbaraju Vs. ITO (ITAT Bangalore) - If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest paid on the second loan would also be allowed as deduction under section 24....

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Hoardings rent income of Housing Society is taxable as House Property Income

Bimanagar 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...

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Brokerage, electricity, legal expenses not allowable in calculation of House Property Income

Ranjeet 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...

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Assessee can claim housing loan interest in capital gain computation u/s 48 despite the fact that same had been claimed u/s 24(b)

Gayatri 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...

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UBD (PCB) BPD Cir No. 34 /16.26.000/2009

RBI/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...

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Recent Posts in "section 24"

Taxation of Co-operative Housing Societies & Income Tax Return

In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax....

Read More
Posted Under: Income Tax | ,

Home Loan Interest deduction on House Property under co-ownership

Shardaben Bhavani Vs ITO (ITAT Mumbai)

The present appeals filed by the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-44, Mumbai, dated 20.04.2016, for A.Ys 2006-07 and 2007-08, which in itself arises from the orders passed by the A.O under Sec. 147 r.w.s 143(3) of the Income-tax act, 1961 (for short „Act‟), each dated 14.03.20...

Read More

Housing Loans Come With Twin Benefits

Various tax benefit available under the Income Tax Act 1961, would help house aspirers to go in for housing loans which were a bit costlier till now. Taking loans for housing needs also makes an economic sense as it offers income tax incentives and exemptions....

Read More
Posted Under: Income Tax | ,

Income Tax Benefits for Assesses taking Home loan

So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions available under the Act for the payment of loan amount (principal) as well as the interest component the same includes home loan interest deduction under section 24, Section...

Read More
Posted Under: Income Tax |

FAQs on Housing Loan & Income tax benefit

Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA. ...

Read More
Posted Under: Income Tax |

Income from House Property- All you want to know

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 More
Posted Under: Income Tax | ,

Buy home to reduce Income Tax burden

As we are in the middle of the financial year , it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, deduction in respect of interest paid up to Rs 1.5 lakhs (2 lakh from AY 2015-16) per annum on a home loan is allowed....

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Income Tax Benefits from House Property and Loan

Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C....

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Posted Under: Income Tax |

Deduction of Interest on Home Loan From House Property income

Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of  house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]...

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Posted Under: Income Tax | ,

Double Benefit on Taxes on Housing Loan

The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest payment of Housing Loan. Article explains tax benefit on Housing Loan taken and possession received in the same year and also when possession received in next year....

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Posted Under: Income Tax | ,

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