section 24

Four Less-Known Facts of Tax Deduction on Home Loan

Income Tax - 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

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

Tax and Interest Subsidy Benefit on Home Loan

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 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 Benefits on Home Loan

Income 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 More
Sorry No Post Found

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

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...

Read More

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...

Read More

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...

Read More

S. 24(b) Interest on Loan taken to repay earlier Loan on property allowable

DCIT 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 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"

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

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 |

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 | ,

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 case. Full Text of the ITAT Order is [&...

Read More

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 expenditure. Full Text of the ITAT Order i...

Read More

Tax and Interest Subsidy Benefit on Home Loan

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 More
Posted Under: Income Tax |

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 allowed as deduction in computing the capital...

Read More

S. 24(b) Interest on Loan taken to repay earlier Loan on property allowable

DCIT 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 More

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 Benefits on Home Loan

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 More
Posted Under: Income Tax | ,
Page 1 of 612345...Last »

Browse All Categories

CA, CS, CMA (3,649)
Company Law (3,703)
Custom Duty (6,856)
DGFT (3,607)
Excise Duty (4,105)
Fema / RBI (3,405)
Finance (3,621)
Income Tax (26,736)
SEBI (2,834)
Service Tax (3,327)

Search Posts by Date

April 2018
M T W T F S S
« Mar    
 1
2345678
9101112131415
16171819202122
23242526272829
30