House Property

Owning a house is every body’s dream. During the last few years prices of properties have sky rocketed, it has become very difficult for an average person to own a dream house without borrowing money. In order to help a person in realizing the dream of Owning a house, The Govt provides numbers of incentives … Read more

IT: Sum received from cellular companies for renting out of the terrace for installation of mobile antenna was taxable as income from house property and not as income from other sources since roof and terrace would be considered as part of the building. Facts: (a) The assessee received sums from Bharati Airtel Limited and Idea … Read more

Recent House Property Amendment for Assessment Year 2015-16 by 19.12.2014 —————————– HOUSE PROPERTY (LATEST AMENDMENT FOR ASSESSMENT YEAR 2015-2016) DEDUCTION U/S.24: 1.      INTEREST ON HOUSING LOAN UP TO A MAXIMUM OF `.200,000 CONDITIONS: LOAN TAKEN FOR ACQUISITION (OR) CONSTRUCTION OF A HOUSE PROPERTY TAKEN ON OR AFTER 01.04.1999 AND COSTRUCTION SHOULD BE FINISHED WITHIN 3 … Read more

House Rent Allowance (HRA) Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows for … Read more

The new Government unveiled the Union Budget 2014 with a pragmatic recognition of common man woes and a thrust towards structural reforms. In the recent past, the Indian economy has faced one of its most challenging periods of growth and stability with subdued growth rate, high rate of inflation and lower rate of capital formation. … Read more