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Bill - Highlights / Catch Notes

Home Highlights March 2016 Year 2016 This

Substitution of new section for section 80EE - Deduction in ...

Bill

March 1, 2016

Substitution of new section for section 80EE - Deduction in respect of interest on loan taken for residential house property. - a deduction for those who buy residential house property for the first time, in respect of interest on loan taken from any financial institution upto fifty thousand rupees subject to other conditions specified therein.

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  1. 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...

  2. 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...

  3. 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...

  4. Assessee has deployed its owned funds for grant of interest free loans hence the additions with respect of interest as ‘income from other sources’ is ordered to be deleted - AT

  5. Substitution of new section for section 80JJAA- Deduction in respect of employment of new employees. - Deduction under the proposed provisions will be available in...

  6. Construction of residential complexes for sale - The fact that individual residential units were for residential use of the purchaser of UDS cannot take the complex...

  7. Loan taken at higher interest rate than bank rate - The payment of interest to the family members and sister concern at 24% was diversion of profits - HC

  8. Interest income had not been derived from export of article or things or computer software - the assessee was not entitled to deduction u/s 10B in respect of interest income - AT

  9. Penalty levied u/s. 271D - assessee had taken loan from his brother and his mother in cash for the purpose of purchase of residential property - There is nothing on...

  10. Assessment of notional interest on loans - loan has been granted by the assessee to its sister concern - As per the provisions of Sec. 36(1)(iii) AO could have...

 

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