Section 25A: when unrealized rent earlier allowed as deduction is realized subsequently Where deduction has been made under section 24 in respect of the rent in the assessment year in respect of rent from property let to a tenant which the assessee cannot realize and subsequently during any previous year the assessee has realized any… Read More »
Calculation of Gross Annual Value under Income Tax for Calculating Income from House Property. Section 23 of the Income tax deals with Gross Annual Rent calculation but in simple terms it may be termed as total annual rent which owner expect from that property. But problem may arise in case of high notional interest on interest-free security deposit or taxability… Read More »
The annual value of a property, consisting of any buildings or lands appurtenant thereto, of which the assessee is the owner, is chargeable to tax under the head ‘Income from house property’. However, if a house property, or any portion, is occupied by the assessee, for the purpose of any business or profession, thereof carried… Read More »