Income Tax Act

“Owner of house property”, “annual charge”, etc., defined.

95 Views“Owner of house property”, “annual charge”, etc., defined. Section – 27, Income-tax Act, 1961-2020 27. For the purposes of sections 22 to 26— (i) an individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child …

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Property owned by co-owners.

84 ViewsProperty owned by co-owners. Section – 26, Income-tax Act, 1961-2020 26. Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the …

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Special provision for arrears of rent and unrealised rent received subsequently.

104 ViewsSpecial provision for arrears of rent and unrealised rent received subsequently. Section – 25A, Income-tax Act, 1961-2020 25A. (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 …

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Amounts not deductible from income from house property.

91 ViewsAmounts not deductible from income from house property. Section – 25, Income-tax Act, 1961-2020 25. 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 …

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Deductions from income from house property.

125 ViewsDeductions from income from house property. 24. 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 …

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Annual value how determined.

114 ViewsAnnual value how determined. Section – 23, Income-tax Act, 1961-2020 23. (1) For the purposes of section 22, the annual value of any property shall be deemed to be— (a) the sum for which the property might reasonably be expected to let from year to year; or (b) where the property or any part of the …

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Income from house property.

116 ViewsIncome from house property. Section – 22, Income-tax Act, 1961-2020 C.—Income from house property 22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried …

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“Salary”, “perquisite” and “profits in lieu of salary” defined.

1,194 Views“Salary”, “perquisite” and “profits in lieu of salary” defined. Section – 17, Income-tax Act, 1961-2020 17. For the purposes of sections 15 and 16 and of this section,— (1) “salary” includes—  (i) wages; (ii) any annuity or pension; (iii) any gratuity; (iv) any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages; …

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Deductions from salaries.

108 ViewsDeductions from salaries. Section – 16, Income-tax Act, 1961-2020 16. The income chargeable under the head “Salaries” shall be computed after making the following deductions, namely :—   (i) [***] (ia) a deduction of 53[fifty thousand] rupees or the amount of the salary, whichever is less;  (ii) a deduction in respect of any allowance in the nature …

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