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Income Tax - Highlights / Catch Notes

Home Highlights February 2017 Year 2017 This

When actual rent received is more than the fair rent the actual ...

Income Tax

February 28, 2017

When actual rent received is more than the fair rent the actual rent would be the annual value and therefore the notional interest would not form part of actual rent received or receivable u/s 23(1)(b) - 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. 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

  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 - notional interest on interest free deposits and advance rent - if the rent received or receivable is more than the municipal value then the...

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

  6. Income assessable under the head ‘Income from House Property’ - The adoption of an enhanced rate does not breach the theory of real income inas- much as what the law...

  7. 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...

  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 of the selfoccupied property at Ahmedabad - If the fair rent is less than the standard rent, then, it is the fair rent which shall be taken as...

  10. Annual letting value of the property by taking into consideration the notional interest on interest free deposit - notional rent on the amount of security deposit...

 

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