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Income Tax - Highlights / Catch Notes

Home Highlights February 2017 Year 2017 This

Determination of Annual Value u/s. 23(l)(a) - Assessee has ...

Income Tax

February 10, 2017

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 the year but remained vacant throughout the year - AT

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  1. While calculating annual value of the let out property, maintenance charges paid to the society by the assessee is admissible deduction from the annual let out value u/s 23(1)(b)

  2. Addition towards the ‘Annual Lettable Value‘(“ALV”) of a property owned - property jointly owned by the assessee - as the rent of ₹ 60,000/- ( ½ share) received by...

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

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

  5. 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...

  6. Income from house property - consider the Ambey Valley property as self-occupied property - determination of annual value - CIT(A) has upheld that the 7% of cost of...

  7. Computation of the annual value u/s 23 - unrealized rent - as per Explanation to Section 23 r.w. Rule 4 of the IT Rules, irrecoverable unrealized rent while computing...

  8. 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...

  9. 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

  10. Income from house property - determination of annual value - the rateable value under the Municipal law has to be adopted as annual value u/s. 23(a) - Held - AT

 

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