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Income Tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

Receipt of maintenance charges - liable to be taxed under the ...

Income Tax

January 20, 2016

Receipt of maintenance charges - liable to be taxed under the head of income from house property OR income from other sources - The Assessees who are signatories to the said agreements cannot be permitted to claim the said agreements to be sham devices and contend that the substance of the maintenance agreements was different from what was expressly recorded therein. - HC

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  2. Service charges received by the assessee from tenants - Income from house property or business income - service charges received by the company from the tenants is...

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  4. Correct head of income - sub-leasing of already leased out property - maintenance charges and air conditioning hire charges - Service charges received from tenants are...

  5. Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property - AT

  6. 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...

  7. Correct head of income - rental income - Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate...

  8. 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...

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