Income Tax : Learn how rental income is taxed, who is treated as the owner, and how deductions under Section 24 are computed. The guidance also...
Income Tax : The Income Tax Department has issued comprehensive FAQs explaining what constitutes a benami property and benami transaction under...
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 : 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 : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : ITAT Bangalore deleted the penalty under Section 270A after holding that the assessee's incorrect claim arose from a bona fide mis...
Income Tax : Tribunal could not recall and restore an appeal dismissed ex parte under Rule 24 of the ITAT Rules, 1963, when assessee filed mi...
Income Tax : The Tribunal held that a land sale completed before 01.07.2012 could not be subjected to a DVO reference under the amended Section...
Income Tax : Mumbai ITAT held that income from house property can be assessed only in the hands of an owner or deemed owner under the Income-ta...
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...
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 […]
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’, which funds are stated to have been utilized in […]
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 the deduction is allowed […]
Analysis of Sec-80EEA – Deduction for interest paid on home loan for affordable housing (w.e.f A.Y 2020-21) √ Eligibility criteria √ The deduction under this section is available only to individuals, not to HUF, AOP, Partnership firm, a company, or any other kind of taxpayer. √ Applies to both Resident and Non-Residents. √Amount of deduction […]
Article explains three Deduction Claimed on the payment of principal and Interest amount of Housing Loan which are deduction under Section 24b for Interest on Home Loan, deduction under Section 80EEA which provides deduction on Interest on house loan over and above the eligibility mentioned in the section 24 and deduction under Section 80C for […]
The government wants you to own a house and the same becomes evident from the various tax benefits allowed under the income tax laws to the persons who own a house. Let us understand the various beneficial tax provisions which prove that the government wants you to own a house.
EMI on Home loan has two components. One component is repayment towards principal amount of loan and the other is interest portion. The article will describe regarding the tax benefit an assessee can avail on making payment of EMI. Loan can be taken for construction or purchase or repair or renewal or reconstruction of residential […]
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 Income […]
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].
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 shall adjudicate thereon per a speaking order, giving definite reasons for being in disagreement, where so, in whole or in part, with the assessee’s working, within a reasonable time. We decide accordingly. In the result, the assessee’s appeal is partly allowed on the aforesaid terms.
