Home Highlights October 2012 Year 2012 This

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1. 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...

2. Income from house property - Income received on leasing of land and building - the assessee had correctly shown the said income under the head “income from house...

3. 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...

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

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. 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...

7. Set off and carry forward of loss under the head ‘income from house property’ - Since the assessee is entitled to claim the entire interest paid during the year on loan...

8. LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed...

9. Rental income from the property - income from other sources OR income from house property - By not recording construction expenses in books of account, the rights of...

10. Amenity charges received - taxable under the head ‘Income from other sources’ OR ‘Income from house property’ declared by the assessee - CIT(A) was right in confirming...

11. 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...

12. Correct head of income - Receipt by way of an option agreement cannot be assessed under the head income from house property. Once said receipt is not assessable under...

13. Nature of income - Assessing u/s 22 of the Act the ALV of the flats/shops held by it as stock-in-trade of its business as that of a developer under the head “House...

14. The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering...

15. Income received towards amenities - 'income from other sources' or 'income from house property' - It appears that by separately charging in the guise of amenities...