Deduction of interest from house property income (rental income) ...

Misinterpretation of Section 24(b) on Interest Deductions for Rental Income Upheld by CIT(A), Needs Corrective Action.

May 3, 2018

Case Laws Income Tax AT

Deduction of interest from house property income (rental income) - AO restricted the deduction only for the part of the year during which the property had remained in existence - CIT(A) had erred in sustaining the order of the AO and thus misinterpreting the scope and gamut of Section 24(b) - AT

View Source

← Previous Next →

Deduction of interest from house property income (rental income) ...

Misinterpretation of Section 24(b) on Interest Deductions for Rental Income Upheld by CIT(A), Needs Corrective Action.

May 3, 2018

Case Laws Income Tax AT

You may also like:

Co-operative Housing Society declared income from maintenance charges under 'Income from other sources' with deficit of Rs. 13,86,671/-. Rental and interest income also...

Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...

Deduction of interest from rental income - loan was taken for the purpose of construction of house property - looking to the fact that the assessee took a housing loan...

Deduction u/s. 32AB - rental income - The court analyzes the definition of "eligible business or profession" under Section 32AB(2)(i) and determines that it encompasses...

Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest...

Entitled to deduction u/s 80IA (4)(iii) on rental income - where the main business of the company is to earn rental income as its business income, the income would be...

Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

Valuation of Rental Income - GST - Deduction of property taxes and other statutory levies - treatment of notional interest on the security deposit - All taxes levied...

The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment...

Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted...

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...

Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

Disallowance u/s 43B on account of GST remaining unpaid - Facts relating to the issue need to be determined and verified in the first place, including amongst other...

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

Quick Updates: