section 24

Deduction of Interest on House Property | Section 24(b), 80EE, 80EEA

Income Tax - Treatment of Interest against House Property in computation of Income [Section 24(b), 80EE, 80 EEA] After calculating the gross annual value (GAV) which is fairly simple to compute, most of the confusion to calculate the income under house property lies in computing the amount of interest deductible from the GAV. Section 24(b) of the Inco...

Read More

FAQs on Income from house property

Income 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 More

Eligibility of Interest on housing loan for double deduction

Income Tax - Interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section 48 [as cost of acquisition while computing capital gains from sale of such house property]....

Read More

Tax Treatment of Composite Rent, Unrealised Rent and Rent Arrears

Income Tax - The Article covers following topics : Discussion on charging section i.e. section 22 with focus on meaning of various terms viz: Building Land appurtenant to a building Owner Deemed owner Property used for the purpose of business or profession Tax treatment of composite rent : Composite rent i.e. rent of building and charges for various [...

Read More

Tax Benefit on Home Loan

Income 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 More

Tax Exemption on notional rent on second self-occupied house (Budget 2019)

Income 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 More

Interest against House Rent from Children used Jointly allowable

Md. Hussain Habib Pathan Vs ACIT (ITAT Mumbai) - We say so as it may well, in view of the joint residence, be that no area (portion) is specified in the rent agreements. The number of family members living jointly; their living requirements – which may not be uniform; fair rental value of the property, etc., are some of the parameters which coul...

Read More

Neither of Section 24(b) & Section 48 excludes operation of other

Ashok Kumar Shahi Vs ACIT (ITAT Delhi) - Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative o...

Read More

Depreciation on Office Premises assessed as House Property Income?

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) - Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) The sole subject matter of present appeal is to adjudicate whether the assessee would be eligible to claim depreciation on certain premises, which although forms part of block of assets,has been let out during the impugned AY & earned certain ...

Read More

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...

Read More

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....

Read More

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...

Read More

Recent Posts in "section 24"

Deduction of Interest on House Property | Section 24(b), 80EE, 80EEA

Treatment of Interest against House Property in computation of Income [Section 24(b), 80EE, 80 EEA] After calculating the gross annual value (GAV) which is fairly simple to compute, most of the confusion to calculate the income under house property lies in computing the amount of interest deductible from the GAV. Section 24(b) of the Inco...

Read More
Posted Under: Income Tax |

FAQs on Income from house property

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 More
Posted Under: Income Tax | ,

Eligibility of Interest on housing loan for double deduction

Interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section 48 [as cost of acquisition while computing capital gains from sale of such house property]....

Read More
Posted Under: Income Tax | ,

Interest against House Rent from Children used Jointly allowable

Md. Hussain Habib Pathan Vs ACIT (ITAT Mumbai)

We say so as it may well, in view of the joint residence, be that no area (portion) is specified in the rent agreements. The number of family members living jointly; their living requirements – which may not be uniform; fair rental value of the property, etc., are some of the parameters which could be considered for the purpose. The AO ...

Read More

Tax Treatment of Composite Rent, Unrealised Rent and Rent Arrears

The Article covers following topics : Discussion on charging section i.e. section 22 with focus on meaning of various terms viz: Building Land appurtenant to a building Owner Deemed owner Property used for the purpose of business or profession Tax treatment of composite rent : Composite rent i.e. rent of building and charges for various [...

Read More
Posted Under: Income Tax |

Tax Benefit on Home Loan

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 More
Posted Under: Income Tax | ,

Tax and Interest Subsidy Benefit on Home Loan

This article will cover details regarding Pradhan Mantri Awas Yojana (PMAY). Further, also cover subsidy rate, maximum loan amount and other details regarding this scheme such as how to avail loan under this scheme and how this scheme works, income tax benefits for home loan. Are you looking for a home loan? If yes, then […]...

Read More
Posted Under: Income Tax |

Neither of Section 24(b) & Section 48 excludes operation of other

Ashok Kumar Shahi Vs ACIT (ITAT Delhi)

Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative of the other....

Read More

Four Less-Known Facts of Tax Deduction on Home Loan

Buying a house means making your dream come true where you spend hours and days looking for a suitable property, checking backgrounds and finally scouting for the best deal on a home loan (unless you have loads of money to pay for the house without taking a mortgage)....

Read More
Posted Under: Income Tax |

Tax Benefits on Home Loan for Joint Owners

Income Tax benefits on Housing Loan for Joint Owner of Rs. 2 Lakh each Section 24(b) of Income Tax Act, 1961 (amended) Conditions for claiming Interest on Home Loan ↓ 1. Income Tax benefits on a joint home loan can be claimed by all the joint owners. 2. Ownership is required for joint owners i.e. […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,687)
Company Law (5,974)
Custom Duty (7,741)
DGFT (4,221)
Excise Duty (4,361)
Fema / RBI (4,183)
Finance (4,382)
Income Tax (33,007)
SEBI (3,454)
Service Tax (3,553)

Search Posts by Date

May 2020
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031