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Income Tax - Highlights / Catch Notes

Home Highlights November 2022 Year 2022 This

Chargeability of notional interest on deposits under Income from ...

Income Tax

November 2, 2022

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 notional interest could not be upheld in the eyes of law. However, the same time, the findings that the property would not be subjected to Rent Control Legislation is bereft of any evidence on record. The income so earned notwithstanding the nomenclature of rental / lease rental or license fees, all are assessable under the head Income from House Property and subjected to similar computations. - AT

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  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 - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

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  5. 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...

  6. Computation of annual value of the property let out to the assessee’s sister concern - otional interest on security deposit is to be treated as income from house property - AT

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  8. 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

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