Figyan

Income Tax

How to calculate taxable income on self occupied house property

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A person’s gross total income is the sum of income under five different heads calculated based on the tax laws. One of these heads is ‘income from house property’. This head includes rent earned from building or land appurtenant thereto which is chargeable to tax.Income is taxable under the head house property if conditions to section 22 is satisfied. As per this section, … [Read more...] about How to calculate taxable income on self occupied house property

Tax deduction on Income from house property – Section 24

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To compute income under the head house property, you have to first check if all the basic conditions as specified in section 22 of the income tax act,1961 are satisfied. If its taxable under the head house property, then before calculating taxable income under this head, you can claim a tax deduction under section 24.As per section 24 of the income tax act,1961, income … [Read more...] about Tax deduction on Income from house property – Section 24

How composite rent is taxable under the head house property

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Composite rent means the house owner charges rent to the tenant for renting the house property and also on account of services provided by the landlord for various facilities such as lift, gas, water, electricity, watch and ward, air conditioning etc.In such a case, composite rent has to be split up to following two components;Rent for the portion attributable to the … [Read more...] about How composite rent is taxable under the head house property

Tax on monetary obligations of employee discharged by employer

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Monetary obligations of the employee discharged by the employer is always considered as taxable perquisite in the hands of the employee. Monetary obligations are considered as perquisite for the assessee because it would have been payable by him if the employer would not have discharged his liabilities.Therefore, the value of perquisite as determined is taxable under the … [Read more...] about Tax on monetary obligations of employee discharged by employer

When income is taxable under the head house property

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Income is chargeable to tax under the head house property if following conditions are satisfied:Rental income must be earned from a property which consist of building or lands appurtenant thereto; andAssessee must be the owner of the building; andsuch property is not used by the assessee for the purpose of any business or profession carried on by him/her, the profit of … [Read more...] about When income is taxable under the head house property