The Tax Talk

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed

March 27, 2020 0 Comments

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed Here ...

House propery, Income Tax

Interest on Housing Loan: Possibility of double deduction cannot be overruled

March 27, 2020 0 Comments

Interest on Housing Loan: Possibility of double deduction cannot be overruled CA Naresh Jakhotia There are often various issues & decisions which makes Income Tax Act an interesting subject to read and analyze. Let me try to elaborate few such issues in ...

House propery, Income Tax

Sum received from display of advertisement on assessee’s undergoing real estate project is a business income or house property income?

March 23, 2020 1 Comment

Income Tax Act, 1961, Section 14 Heads of income---Income from house property or Income from other sources---Sum received from display of advertisement on assessee’s undergoing real estate project Conclusion: Rental income received for display of commercial advertisement on assessee’s undergoing real estate ...

House propery, Income Tax

Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23

November 29, 2019 0 Comments

Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23 M/S. Ideal Hitech Engineering ... vs Ito, New Delhi on 13 August, 2019 IN THE INCOME TAX APPELLATE ...

House propery, Income Tax

Income from let out of ‘premises only’ is taxable under the head ‘Income from House Property’

August 30, 2019 0 Comments

Income from let out of 'premises only' is taxable under the head 'Income from House Property' Short Overview: In the absence of any facilities or business infrastructure provided by the assessee-firm to its lessee, rental income from let out of ‘premises ...

House propery

Section 54F is a beneficial provision and should be liberally interpreted

May 6, 2019 0 Comments

Section 54F is a beneficial provision and should be liberally interpreted An assessee who has purchased a house property is entitled to exemption u/s 54F despite the fact that construction activities of the new house has started before the date ...

Capital Gain, House propery

Capital gain exemption shall be limited to actual sale consideration and not stamp duty value

May 6, 2019 0 Comments

Capital gain exemption shall be limited to actual sale consideration and not stamp duty value [2019] 104 taxmann.com 208 (Bombay) Computation of capital gain and consequently computation of exemption under section 54EC, shall have to be worked out on basis of substituted deemed ...

GST, House propery

Interesting Ruling on Pure Agent

April 26, 2019 0 Comments

Interesting Ruling on Pure Agent *Ruling on Pure Agent* Authority for Advance Ruling, Maharashtra has replied that the conditions as laid down for pure agent in the GST provision is not fulfilled and hence the reimbursement would be treated as consideration ...

Capital Gain, House propery, Income Tax

Benefit of Long Term Capital Gain exemption for Two house properties

February 11, 2019 0 Comments

With the passage of time, the requirements of the taxpayers also changes and as such there is always a need to review the exemption clauses. Under the existing provision of Income Tax Act-1961, any Long-Term Capital Gain (LTCG) arising ...

House propery, Income Tax

No exemption u/s 54B if new agricultural land was purchased prior to sale of old agriculture land

December 11, 2018 0 Comments

No exemption u/s 54B if new agricultural land was purchased prior to sale of old agriculture land Facts: 1. The assessee entered into an agreement to sell his agricultural land on 29-12-2011 and received a part of sale consideration. 2. Subsequently, another ...

Article, Capital Gain, House propery, Income Tax

Capital gain exemption available even if investment is done by availing housing loan

November 26, 2018 0 Comments

Capital gain exemption available even if investment is done by availing housing loan Assumptions & presumptions are the biggest barrier to tax planning. One such presumption is with regard to availability of exemption under section 54 against Long Term Capital ...

House propery

The third umpire – ITAT has ruled in favor of Sachin Tendulkar in a tax dispute case

October 22, 2018 0 Comments

The third umpire – ITAT has ruled in favor of Sachin Tendulkar in a tax dispute case If the taxpayer owns more than one house properties then only one house property is considered as self occupied house property & the ...

House propery

Exemptions under the Income from House Property

October 13, 2018 0 Comments

Exemptions under the Income from House Property In this article we will discuss the cases wherein the income from house property is exempt. Section 10(1): Income from any farm house that forms part of agricultural income is exempt. Section 10(19A): The ...

House propery

Whether Notional Interest on Security Deposit received for property given on rent chargeable to tax

October 4, 2018 0 Comments

Whether Notional Interest on Security Deposit received for property given on rent chargeable to tax? An assessee received interest-free deposit in respect of a shop let out on rent. Whether the notional interest on it i.e. interest that would have been earned on it bebrought to tax? If yes it shall come ...

House propery

Income under the head house property: Chargeability

October 2, 2018 0 Comments

Income under the head house property: Chargeability In the today’s world people prefer to invest more and more sum of money in property. It is generally presumed that investing in property is safe and gives high return. In this article ...

Article, Assessment, Capital Gain, House propery, salary, Tax Planning

Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG

April 18, 2016 0 Comments

Claim deduction 80GG Query 1] I am not owning any house as of now and living in a rented premises. Neither me nor may parents have any house property. My old property was dispos off by my father during his life ...

Article, Assessment, House propery, Other Source Of Income, Tax Planning

Profit arising from sale of property & Tax saving options

March 21, 2016 0 Comments

Tax saving Query 1] I request you to kindly suggest me on the following issue. I have sold residential cum commercial plot at Bhopal for Rs. 1 Crore, which I had purchased for Rs. 28,000/- in the year 1994. Deal was ...

House propery, Income Tax, Tax Planning

Not actual rent, House property is taxable on the basis of its Annual Value

February 22, 2016 0 Comments

House property Query] If I purchase the second house property for my own use, still whether I would be require to pay the tax? I don’t wish to let out the second house but want to purchase it for investment ...

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Category: House propery

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed

Interest on Housing Loan: Possibility of double deduction cannot be overruled

Sum received from display of advertisement on assessee’s undergoing real estate project is a business income or house property income?

Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23

Income from let out of ‘premises only’ is taxable under the head ‘Income from House Property’

Section 54F is a beneficial provision and should be liberally interpreted

Capital gain exemption shall be limited to actual sale consideration and not stamp duty value

Interesting Ruling on Pure Agent

Benefit of Long Term Capital Gain exemption for Two house properties

No exemption u/s 54B if new agricultural land was purchased prior to sale of old agriculture land

Capital gain exemption available even if investment is done by availing housing loan

The third umpire – ITAT has ruled in favor of Sachin Tendulkar in a tax dispute case

Exemptions under the Income from House Property

Whether Notional Interest on Security Deposit received for property given on rent chargeable to tax

Income under the head house property: Chargeability

Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG

Profit arising from sale of property & Tax saving options

Not actual rent, House property is taxable on the basis of its Annual Value

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