Home Highlights November 2010 Year 2010 This

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1. Renting of immovable property - inherited property - joint owners - demand of service tax on co-owners when the property is jointly owned by them - cannot be treated as...

2. Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

3. Income from house property - ALV u/s 23(1)(a) - In determining the reasonable rent, several factors have to be taken into consideration, such as, location of the...

4. Income from house property - the unrealized rent cannot be taken to be taxable in the hands of the assessee under the head "income from house property" when it is not...

5. Deduction claimed u/s 54 - oint owners of the house property having 50% right, title and interest over the property - Since the assessee and her son have jointly...

6. Capital gain - legal owner of property - entire funds at the time of purchase of property was paid by his son the entire sale consideration is also received by her son -...

7. Nature of Lease Rent Received - Income from business or house property or other sources - Lease agreements - furnishing of floors of the building given on rent -...

8. Substitution of new section for sections 25A, 25AA and 25B.- It is proposed to provide that the amount of rent received in arrears or the amount of unrealised rent...

9. Levy of GST - Place of supply - Tax imposed on exhibition services received by the petitioner in non-taxable territory from the person located in non-taxable territory...

10. Determination of Income from house property - Suppression of rental income - We could appreciate the case of the AO, if he has made reference to the rent deed of...

11. Correct head of income - The provisions of section 56 of the I.T.Act states that in case the property and equipment are let out and if the rent receivable are...

12. IT – the assesse, a lease holder, has exploited the lease rights in the property as an owner – rent is table as Income from house property

13. TDS u/s 194I - Disallowance u/s. 40(a)(ia) - property owned by three persons jointly - in terms of Section 27, the owners did not constitute an AOP but they had to be...

14. Addition of income from amenities – assessee as the owner of the building was only exploiting the property as owner by letting out the same and realizing income by way...

15. CENVAT Credit - input service - amount paid to the broker / property consultant for purchasing the immovable property to be used for providing output service of renting...