Income from house property - ALV u/s 23(1) of property prior to ...

Income from property without an Occupancy Certificate u/s 23(1) isn't taxable until legally occupiable.

July 6, 2019

Case Laws Income Tax HC

Income from house property - ALV u/s 23(1) of property prior to Occupancy Certificate (OC) - the property was legally not occupiable and not occupied hence the contention that without waiting for OC, the entire period during which the Assessee could have let this property, tax on notional basis should be charged is fallacious - not taxable

View Source

← Previous Next →

Income from house property - ALV u/s 23(1) of property prior to ...

Income from property without an Occupancy Certificate u/s 23(1) isn't taxable until legally occupiable.

July 6, 2019

Case Laws Income Tax HC

You may also like:

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,...

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...

Income from vacant house property - income would not be assessed under Section 23(1)(c) but under Section 23(1)(a). - HC

Income from house property - Deduction u/s 23(1) - Annual mixed use charges paid by the assessee to Municipal Corporation - The said charges is in the nature of...

Charge to income tax in respect of a house property - deemed income - The words “where the property is let” in sections 23(1)(b) and 23(1)(c), thus, represents a state...

Income from house property - consider the Ambey Valley property as self-occupied property - determination of annual value - CIT(A) has upheld that the 7% of cost of...

Income from House property - Vacancy can only follow a state of actual letting, envisaged u/ss. 23(1)(b)/(c). Reduction due to vacancy u/s. 23(1)(c) would accordingly...

Taxability of property held in stock in trade - it is now abundantly clear from Sec. 23(5) that until the completion certificate is not issued by the competent authority...

The ITAT held that the property was actually leased out during the relevant period, rejecting the AO/CIT(A)'s view based on suspicion. The law requires evidence, not...

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...

Addition under the head ‘income from house property - property not forming part of block of assets - property was purchased for the purpose of resale and lying vacant...

Addition towards the ‘Annual Lettable Value‘(“ALV”) of a property owned - property jointly owned by the assessee - as the rent of ₹ 60,000/- ( ½ share) received by...

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...

Income from house property - notional rental income - no efforts were made by the Assessing Officer to determine the monthly rental/rate at which the Leased Property...

Income from house property - deemed rental income - notional annual value (NAV) u/s 23(1)(a) - without allowing a reasonable period or time gap from the completion of...

Quick Updates: