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Income Tax - Highlights / Catch Notes

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Income from house property - Deduction of Interest paid on ...

Income Tax

April 18, 2015

Income from house property - Deduction of Interest paid on security deposit received from the tenants - these interest bearing deposits has been utilized for repayment of borrowed capital - deduction allowed - AT

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  1. Computation of annual value of the property let out to the assessee’s sister concern - otional interest on security deposit is to be treated as income from house property - AT

  2. Scope of income from house property u/s 23(1)(a) - The notional interest on security deposits cannot be taken into consideration for determining and computing the...

  3. Renting of immovable property - There was no evidence to show that the notional interest on the interest free security deposit has influenced the consideration received...

  4. Interest income received by the club from fixed deposit in bank cannot be form the house property and consequently this income is from other sources - there is no...

  5. Income From House Property - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

  6. Liability of service tax - advance deposit received for Renting of Immovable Property Services - refundable security deposit - Such refundable amount cannot form...

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

  8. Broken period interest for the purchase of securities - the securities formed part of the stock in trade and therefore, the broken period interest paid should be allowed...

  9. Income from House Property - inclusion of Notional Interest - interest accrued on deposit cannot be added to the agreed rent, so as to make a fair rent or market rent - HC

  10. Standard deduction and interest paid on housing loan - Once the income is assessable under the head house property, consequent deductions being standard deduction u/s...

 

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