Taxinfo.inAug 17, 20181 minStandard Deduction – Section 24aStandard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for...
Taxinfo.inJul 17, 20182 minDeemed Ownership – Section 27In the following cases the person is deemed to be owner of the property even if they are not the legal owners of the property:- 1) An...
Taxinfo.inJun 29, 20184 minDeduction of Interest on Housing Loan – Section 24bApplicable for the financial year 2018-19 and 2019-20 Introduction Section 24b of income tax act allows deduction of interest on home...
Taxinfo.inJun 17, 20181 minCo-ownership – Section 26Meaning of Co-owner – When the property is owned by two or more person, they are known as co-owners. Taxability If their respective...
Taxinfo.inMay 17, 20182 minConditions for Taxability under House Property – Section 221) The property should be consisting of any building or land apparent thereto. Income from letting vacant land is chargeable to tax under...
Taxinfo.inJan 30, 20183 minTaxability in special cases under House PropertyCase 1 – Computation of Income of a house property which is self occupied for residential purposes Case 2 – Computation of Income of a...
Taxinfo.inJan 29, 20181 minComputation of Income under House PropertyA) Fair Rent XXXB) Municipal Value XXXC) Higher of A or B XXXD) Standard Rent XXXE) Expected Rent (Lower of C or D) XXXF) Actual Rent...
Taxinfo.inJan 26, 20181 minDeduction of municipal tax paid in computing annual value from House PropertyAny taxes levied by any local authority in respect of the house property is to be deducted from the gross annual value, if the following...
Taxinfo.inJan 26, 20184 minGross Annual Value of House PropertySection 23 – Income from house property is taxable on the basis of annual value. Even if the property is not let out during the year or...
