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
May 23, 203: Money received from the sale of agricultural land can’t be treated as capital gains, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled recently. If an agricultural operation … READ FULL STORY
Rent received by flat owners who give up their property for redevelopment would qualify as capital receipt, and would not be taxable, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled. … READ FULL STORY
Joint owners of a property will be liable to pay equal amount of tax on the income made from house property if the registered sale deed does not clearly qualify their share in the … READ FULL STORY
Established in January 1941, the Income Tax Appellate Tribunal is a quasi-judicial organisation that handles appeals involving the Direct Taxes Acts. The decisions made by the ITAT are final. The High Court may hear … READ FULL STORY
Property gifted to mother for a negligible amount of Rs 5 lakh would not amount to as gifting, the Rajkot Bench of the Income Tax Appellate Tribunal (ITAT) has ruled. In its order dated … READ FULL STORY
10% relief on price-stamp duty variance applies from 2002-03: Mumbai ITAT The benefit of a higher tolerance band of 10% for the difference between the sale price of a flat and its stamp duty … READ FULL STORY
When you book a property, the builder generally issues an allotment letter. The actual agreement may not be executed immediately. The agreement to sell, may, in fact, be executed after years, in some cases. … 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
