Income Tax - Conversation between Krishna and Radha Radha: Krishna, can we buy a new house for us. Krishna: Sure, but this year I have to invest to claim tax benefits so we can think about this next year. Radha: Oh Krishna, it seems you don’t know about tax benefits from loans taken for house property. Krishna : […]...
Read MoreIncome Tax - Is rental income from sub-letting chargeable to tax under the head Income from house property? Ans: 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....
Read MoreIncome Tax - Repayment of Home Loan comprises of 2 components – Principal and Interest. Treatment of repayment of principal and interest are governed by 2 different sections of the Income Tax Act, 1961. Section 80C of the Income Tax Act allows for a deduction of payment of principal component and it is allowed on the basis of […]...
Read MoreIncome Tax - Are you planning to avail a home loan? Have you already availed a home loan but are not sure if you should prepay your loan or keep it as it is because of the associated tax benefit? If so, this article may help you decide your way forward. Although your bank must have already educated […]...
Read MoreIncome Tax - Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Take a look at the tax benefits available under the act. The repayment of Home Loan comprises of 2 components: 1. Repayment of Principal and 2. Repayment of Interest As the repayment comprises of two different […]...
Read MoreIncome Tax - While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied house subject to It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house. Currently, income tax on notional rent is payable if one has more […]...
Read MoreNetra Software Technologies P Ltd. Vs ACIT (CPC) (ITAT Bangalore) - Netra Software Technologies P Ltd. Vs ACIT (CPC) (ITAT Bangalore) In the present case, the assessee has not enclosed any evidence along with the return suggesting completion of construction of commercial building and its readiness to let out, as such the ACIT(CPC) denied the interest claimed by the...
Read MoreVishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) - Vishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) Brief facts of the case are, that the assessee is a Charitable Trust, having income under the heads Income from House Property and Income from Other Sources. The assessee has filed its return of income online on 29-09-2012 showing taxable income as NI...
Read MoreMr. Abeezar Faizullabhoy Vs CIT (ITAT Mumbai) - In our considered view, for claiming deduction of interest under Sec. 24(b) of the Act there is neither any such precondition nor an eligibility criteria prescribed that the assessee should have taken possession of the property so purchased or acquired by him....
Read MoreShree Bal Properties & Finance P. Ltd Vs PCIT (ITAT Mumbai) - Shree Bal Properties & Finance P. Ltd Vs PCIT (ITAT Mumbai) Admittedly, the assessee while computing its income in the previous years under the head ‘Income from House Property‘ had claimed deduction u/s 24(b) of the interest paid on loan raised from ‘Janalaxmi Co-op Bank Ltd...
Read MoreIndraprastha Shelters Pvt. Ltd. Vs DCIT (ITAT Bangalore) - Indraprastha Shelters Pvt. Ltd. Vs DCIT (ITAT Bangalore) With regard to the other reason given by the revenue authorities for denying deduction of interest paid to Mrs.Kaveri bai is by applying the 3rd proviso to Sec.24(b) of the Act. On perusal of the provisions of section 24(b), it is clear that...
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...
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Netra Software Technologies P Ltd. Vs ACIT (CPC) (ITAT Bangalore) -
Vishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) -
Mr. Abeezar Faizullabhoy Vs CIT (ITAT Mumbai) -
Shree Bal Properties & Finance P. Ltd Vs PCIT (ITAT Mumbai) -