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Income Tax - Highlights / Catch Notes

Home Highlights May 2012 Year 2012 This

Income from house property - notional interest on interest free ...

Income Tax

May 14, 2012

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 actual rent received or receivable will be taken as annual letting value of the property within the meaning of section 23(1)

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  1. 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...

  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. 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. 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

  6. Valuation - interest free security deposit - the amounts cannot be included in the consideration as long as the same remains interest free advance to be returned to...

  7. Computation of income - Income from house property - notional interest not to be included in the municipal ratable value - AT

  8. Chargeability of notional interest on deposits under Income from House Property - ALV determination - CIT(A) has rightly concluded that estimation of ALV on the basis of...

  9. Notional interest on provision of interest free loan - notional income is not taxable under the Act - AT

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

 

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