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Income Tax - Highlights / Catch Notes

Home Highlights November 2012 Year 2012 This

Annual letting value of unsold flats - The intention of the ...

Income Tax

November 9, 2012

Annual letting value of unsold flats - The intention of the lawmakers was that occupation of one’s own property, in the course of business, and for the purpose of business, i.e. an active use of the property, (instead of mere passive possession) qualifies as “own” occupation for business purpose. - HC

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  1. Addition of notional Annual Letting Value on closing stock of flats / spaces - The intention of the lawmakers was that occupation of one’s own property, in the course of...

  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 - annual letting value of unsold flats - Estimating rental income by the AO for these three flats as income from house property was not...

  4. Income from house property - Deemed let out value of the closing stock - the unsold flats which are stock in trade when they were sold they are assessable under the head...

  5. 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)

  6. Deemed rental income - the unsold flats which are stock in trade when they were sold they are assessable under the head ‘income from business’ when they are sold and...

  7. Computation of annual value - The three flats which could not be sold at the end of the year was shown as stock-in-trade. Estimating rental income by the AO for these...

  8. Addition to the valuation of unsold flats - the valuation of unsold stock at the close of an accounting period is a necessary part of the process of determining the...

  9. Income from house property - annual letting value (ALV) of the unsold units of properties lying as stock in trade - taxing hypothetical income - there is no rationale in...

  10. Income from house property - computing the ALV of unsold units - Amendment inserted in section 23(5) is applicable w.e.f. 01-04-2018 and is not applicable for the year...

 

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