Home Highlights January 2012 Year 2012 This

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1. Rent received by a person not the owner, taxable as house property income – High Court

2. 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...

3. Nature of income - income from renting a properties in Mall - Income from house property or busniss income - the income from renting a properties in Mall to be taxed as...

4. 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...

5. The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

6. Computation of Income from House property - the property was let, but was vacant during the year, due to which vacancy, the actual rent received or receivable by the...

7. The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

8. Nature of income - Income from other sources - interest income received u/s. 28 of Land Acquisition Act, 1984 as taxable u/s 56(2)(viii) r.w.s. 145A(b) - Scope of...

9. Rental income earned by assessee should be assessed as income from house property, not business income. AO failed to highlight aspects indicating rental income was...

10. Income from house property - deduction (Vacancy allowance) - Notably the words used in section 23(1)(c) of the Act are “the property is let and was vacant during the...

11. Income from house property - Deemed rental income - vacant property - The word receivable refers to the payment not being realised. The use of word “receivable” in...

12. Notional rental income on commercial property u/s 23(1)(a) - notional rental income on unsold stock u/s 23(1)(a) - There being impossibility of renting out the property,...

13. Correct head of income - Characterization of income - rental income as 'business income' or 'income from house property' - there is no doubt that assessee has object of...

14. Income assessable under the head ‘Income from House Property’ - The adoption of an enhanced rate does not breach the theory of real income inas- much as what the law...

15. 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...