Rental income - Deduction u/s 24(b) - interest paid on the ...

Income Tax

August 1, 2022

Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan was used for making payment to the Tenants of Flat No.11, but mere oral recital does not hold good against the written document of loan which mentions Flat No.12 and garage 12G. - loan was not for the impugned Flat No.11, hence the assessee is not eligible for deduction u/s.24(b) of the Act for the interest paid on the amount borrowed - AT

View Source

← Previous Next →

Rental income - Deduction u/s 24(b) - interest paid on the ...

Income Tax

August 1, 2022

You may also like:

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...

Computation of income from house property - deduction of interest on subsequent loan which was borrowed to repay earlier loan - The proviso only carves out an exception...

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...

Income from house property - deductions claimed u/s 24(a) - society charges - If, the amount paid to society charges includes municipal taxes levied by the local...

Addition u/s 36(1)(iii) - deduction towards interest paid on loans borrowed for business purposes - Merely for the reason that there is no rental payment for current...

Exemption u/s 11 - Determination of application of income and accumulation of income - claim of deduction of the claim of assessee for an amount u/s 24(a) from rental...

House property - Disallowance of interest claimed on second loan u/s.24(b) - Applicability of DBDT circular - Ld. CIT(A) recorded categorical findings that the assessee...

Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

Revision u/s 263 - Claim of interest against rental income - Proof of availing loan for acquisition or construction of property - the proviso contained in section 24(b)...

Rental income - Deduction for interest on borrowed funds u/s 24(b) - the assessee may have purchased the property out of borrowed funds, but the onus is upon the...

Disallowance of interest on loan – u/s 24 - Loan taken for purchase of flat – the authorities were not justified in refusing deduction u/s 24 in respect of interest...

Deduction u/s. 24(a) equal to 30% - Rental income from fixture, fittings and amenities - separate agreements for let out of the property and for providing amenities -...

Assessee had claimed loss under the head income from house property’ by claiming deduction u/s 24(b) of the Act in respect of interest paid for purchase of house...

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...

Addition on the account of Section 24 v/s business head u/s 37 - interest paid on housing loan - The ITAT upheld the CIT(A)'s decision, stating that if the interest is...

Quick Updates: