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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Addition being 50% of the interest on housing property - in the ...

Income Tax

January 30, 2017

Addition being 50% of the interest on housing property - in the absence of any actual financial contribution for acquiring the asset the mere addition of the name of the spouse as a coowner by itself can not be the determinative criteria denying the deduction claimed by the husband - AT

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  1. 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

  2. Deduction claimed u/s 54 - oint owners of the house property having 50% right, title and interest over the property - Since the assessee and her son have jointly...

  3. Income from house property - one is self occupied property and second is vacant property - AO has applied ALV at 7% of book value of the property and computed deemed...

  4. 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

  5. Income from house property - Deduction of Interest paid on security deposit received from the tenants - these interest bearing deposits has been utilized for repayment...

  6. 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

  7. 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...

  8. Loss from house property situated outside India - CIT(A) is not correct in holding that income from house property from Australian property was not assessable in India - AT

  9. Interest income received by the club from fixed deposit in bank cannot be form the house property and consequently this income is from other sources - there is no...

  10. Deduction on interest of housing loan u/s 24(b) -AO restricted it to 25% since 75% of the property is belongs to other co-owners - Action of AO is justified - AT

 

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