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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Determination of perquisite value - Notional interest on deposit ...

Income Tax

June 10, 2016

Determination of perquisite value - Notional interest on deposit given by the employer with the landlord for securing the rented premises - Not a perquisite - not taxable - AT

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  1. Annual Letting Value (ALV) - rented property - no addition to the ALV can be made on account of notional interest on interest free deposit with the landlord u/s.23(1)(a) - AT

  2. Determination of perquisite value - Rule 3 - Where an employer takes residential premises on rent by giving security deposit for the benefit of employees, whether the...

  3. 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

  4. 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

  5. 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...

  6. Valuation - maintenance services - inclusion of notional interest on ‘maintenance refundable security deposit’ in assessable value - There is no justification for...

  7. Tax borne and paid by the employer has to be excluded while computing the perquisite of "rent free accommodation" - HC

  8. Renting of Immovable Property Service - notional interest accruing on the lumpsum amounts received - There is no justification for inclusion of the notional interest in...

  9. 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...

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

 

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