Renting out a property to a tenant allows the owner to earn a monthly rent. Under the income tax laws in India, this rent is counted as income and the landlord is liable to … READ FULL STORY
In case of a difference between the sale agreement value and the sale deed stamp duty value, the former will be considered for the applicability of Section 56(2)(vii) of the Income Tax Act, the … READ FULL STORY
In case you earn a taxable income under Income from Other Sources, the income tax law in India provides you with an option to claim deductions against certain expenses. Section 57 of the I-T … READ FULL STORY
Income details are classified under five heads mentioned under the Income Tax Act. One of these includes the ‘income from other sources’. The other four heads are ‘income from salaries’, ‘income from house property’, … READ FULL STORY
Under the Reverse Mortgage Scheme (RMS), a senior citizen can opt to receive an additional source of income on the security of an owned residential house, without having to service it during his lifetime. … READ FULL STORY
A Mumbai bench of the Income Tax Appellate Tribunal (ITAT), has recently held that property illegally encroached by an assessee, cannot be considered as a ‘capital asset’ under section 2 (14) of Income Tax … READ FULL STORY
