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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

House property income - vacant property - the ALV of the ...

Income Tax

July 23, 2016

House property income - vacant property - the ALV of the property which remained vacant for the whole year has to be assigned Nil value in terms of section 23(1)(c) of the Act. - AT

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  1. Notional rental income vacant/leased properties - in case of the assessee where the property remained vacant then the ALV of such property will be Nil- AT

  2. Computing the Annual Letting Value - income from house property - Property remained vacant - Assessee in the present case had rightly determined the ‘annual value’ of...

  3. Determination of Annual Letting value (ALV) of property vacant during the year – Section 23(1)(c) – rent received or receivable from the property in question during the...

  4. 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...

  5. Annual value determination - Estimating the value of the house property - assessee should be granted vacancy allowance.

  6. Determination of Annual Value u/s. 23(l)(a) - Assessee has rightly assigned “NIL” Annual Lettable Value of the impugned 16 shops which were ready to be let out during...

  7. Income from house property - deemed rental income of the property, which remained vacant during the year - assessee as confronted that house was very old and partly...

  8. 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

  9. 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

  10. Income from house property - deduction (Vacancy allowance) - Notably the words used in section 23(1)(c) of the Act are “the property is let and was vacant during the...

 

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