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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. Short Term Capital Gain u/s 50 - sale of property being part of block of assets - the other property never entered the block of depreciable asset as income from them was...

  5. Disallowance of interest on loan taken for acquiring few let-out flats - Income from house property - nexus of use of the loan amount for acquiring the house property -...

  6. Computing capital gains u/s 50 - though the vesting of the title is mandatorily required for claim of depreciation u/s 32 - de hors ownership of an asset, is not...

  7. Deduction of Interest paid in respect of capital borrowed for the projects - no distinction can be made between the money borrowed for acquiring capital asset or revenue asset - HC

  8. Interest on housing loan u/s 24 - The use of the word "or" in between acquired and constructed makes it clear that the property can either be acquired or constructed...

  9. Computation of capital Gain - Cost of acquisition - inclusion of Interest cost - Interest cost was claimed as deduction u/s 24(b) from Income from House Property (self...

  10. De-recognized interest on accrual basis on Non-Performing assets (NPA) - interest income from NPAs should be recognised only on actual receipt. - AT

 

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