Income Tax : The New Tax Regime restricts Section 24(b) benefits, disallowing set-off of home loan interest against salary income. Taxpayers mu...
Income Tax : Summary of key tax rules for rental and house property income under the Income Tax Act, including sub-letting, deemed ownership, c...
Income Tax : Understand Benami property and transactions as per the PBPT Act. Learn what constitutes Benami, who the Benamidar and Beneficial O...
Income Tax : Tax deductions for interest paid on loans play a significant role in personal tax planning, offering relief by reducing taxable in...
Income Tax : Learn how to optimize home loan interest tax benefits for self-occupied and rented properties. Strategies include reducing capital...
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 ho...
Income Tax : The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier infl...
Income Tax : ITAT Bangalore held that at the relevant time co-founder of Flipkart stayed in India for 141 days and balance days in other countr...
Income Tax : The Tribunal upheld taxation of rental receipts as income from house property because the companys principal object was not proper...
Income Tax : The issue was whether stamp duty value as on registration could override actual consideration received earlier. The Tribunal held ...
Income Tax : The Tribunal ruled that repeated reopening cannot survive where statutory timelines are breached. A reassessment initiated beyond ...
Fema / RBI : 2. With a view to disseminating information on the SLR status of a Government security, it has been decided that: (i) the SLR stat...
ITAT Chandigarh held that as tax finally assessed would be equal to the tax deducted at source and hence there is no basis for levy of penalty u/s 271(1)(c) of the Income Tax Act.
AO had wrong assumption of facts and by applying incorrect law without due application of mind allowed claim of interest paid on borrowed capital u/s. 24(b). Therefore, in our opinion, PCIT correctly exercised its jurisdiction
Unlock tax savings with home loans! Dive into deductions under sections 24(b), 80EE, 80EEA & 80C. Krishna and Radha’s conversation simplifies conditions and benefits. Maximize your tax benefits now!
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 assessee by way of intimation sent to the […]
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 NIL with a refund claim of […]
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 […]
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 […]
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.
Save on your income tax with home loans: Learn about the various tax benefits available on the repayment of principal and interest.
From FY 19-20 onwards in the Finance Act, 2019, government has allowed a major relief u/s 23 and 24 of the Income Tax Act, 1961 by allowing the taxpayers to declare in their tax return the value of their ‘Two’ houses as self –occupied, on a NIL basis. That means, now a person can enjoy […]
