#deduction #interest #loan #residential #houseproperty The section states that: (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential property. (2) The deduction under sub-section (1) shall not exceed fifty thousand rupees and shall be allowed in computin

#section71B #incometaxact #carryforward #loss #houseproperty A loss under the head house property can be set off against any income generated in the year it is incurred. If the consequence of such a set off is a loss, the loss can be carried forward for up to eight assessment years. This loss can be carried forward to later years only against house property revenue and not against any other source of income. If the assessee suffers a dwelling property loss in any Assessment Y

#section71A #setoff #income #incometaxact #houseproperty SET OF LOSSES To set off losses is to compare the losses to the revenue or profit for that specific year. Losses that aren't offset against income in the current year can be carried over to the following years to be offset against income in those years. An inter-head set-off or an intra-head set-off can occur during a set-off. Intra-head Set Off The losses from one source of income can be set off against income from ano

#section22 #incometaxact #houseproperty #income "Income from home property" refers to any income derived from a residential property, whether it comes from a rental income or a sale of the property. In essence, under the Income Tax Act, any property, including a house, a building, an office, or a warehouse, is considered "house property." One of the five heads of income considered in determining an assessee's gross total income (GTI) for the year is "Income from House Propert

#specialprovision #arrears #rentreceived #coowners #houseproperty Special provision for arrears of rent received and Property owned by co-owners are defined under section 25B and 26 of Income Tax Act 1961. The section states that: Where the assessee- (a) is the owner of any property consisting of any buildings or lands appurtenant thereto which has been let to a tenant; and (b) has received any amount, by way of arrears of rent from such property, not charged to income-tax fo

#specialprovisions #rent #tenant #houseproperty #assessee The section states that: (1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently from a tenant, as the case may be, by an assessee shall be deemed to be the income from house property in respect of the financial year in which such rent is received or realised, and shall be included in the total income of the assessee under the head "Income from house property", whether the

#houseproperty #exceptions #incomenondeductible The section states that: Notwithstanding anything contained in section 24, any interest chargeable under this Act which is payable outside India (not being interest on a loan issued for public subscription before the 1st day of April, 1938), on which tax has not been paid or deducted under Chapter XVII-B and in respect of which there is no person in India who may be treated as an agent under section 163 shall not be deducted in

#incometaxact #houseproperty #deductions The section states that: Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:— (a) a sum equal to thirty per cent of the annual value; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section