UNIT 5: INCOME FROM HOUSE PROPERTY

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Basis of Charge – Deemed Owners – Exempted Incomes from House Property – Composite Rent – Annual Value – Determination of Annual Value – Treatment of Unrealized Rent – Loss due to Vacancy – Deductions from Annual Value – Problems on Income from House Property.

Education

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
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II. SELF OCCUPIED PROPERTY
III. DEEMED TO BE LETOUT PROPERTY
PROBLEM – 15
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
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Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
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Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
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PROBLEM – 16
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
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Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
26

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
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IV. PARTLY LETOUT AND PARTLY SELF OCCUPIED PROPERTY
PROBLEM – 17
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
28

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
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Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
30
PROBLEM – 18
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
31
PROBLEM – 19 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
32

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
33

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
34
PROBLEM – 20 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
35

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
36
PROBLEM – 21 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
37

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
38
PROBLEM – 22 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
39

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
40

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
41
PROBLEM – 23 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
42

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
43

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
44

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
45
PROBLEM – 24 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
46

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
47
PROBLEM – 25 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
48

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
49
PROBLEM – 26 (14 Marks)
Solution:-

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
50

Mr.Chethan.S, Asst. Professor
Department of Management, AIGS
51

The document defines key terms related to income tax in India such as assessee, person, assessment year, previous year, types of income, and tax rates. It discusses how taxable income is calculated based on income from different sources such as salary, house property, business, capital gains, and other sources. It also outlines the incidence of tax for residents and non-residents depending on where the income is earned and received.

Incomes exempt from tax under section 10

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Non applicability and exemptions under gst law

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The document summarizes various exemptions from GST in India, including: 1. Certain goods like live animals, meat, fish, vegetables and fruits are exempt from GST. Common items like sugar, drugs, fertilizers and national flags are also exempt. 2. Many essential services are exempt, including health care, education services up to higher secondary level, religious ceremonies, charitable activities, and pension schemes. 3. Agriculture-related services like warehousing of farm goods, fumigation, crop services and transport are exempt from GST. 4. The government has power to grant exemptions from GST if deemed necessary for public interest.

Income from house property

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The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.

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Time and Value of Supply under GST

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Computation of income from house property

Dr. Sanjay Sawant Dessai

Registration is required under GST for any supplier of goods or services whose aggregate turnover exceeds Rs. 20 lakh. Persons registered under earlier laws will be migrated to GST. Exemptions from registration include agriculturists and those exclusively engaged in exempt supplies. Additional categories requiring compulsory registration include inter-state suppliers and e-commerce operators. Registration involves declaring PAN and other details to obtain a temporary reference number, applying online with documents, and receiving a GSTIN. Amendments and cancellations to registrations are also conducted online. Non-resident taxable persons can obtain temporary registration by submitting passport details.

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Parminder Kaur

The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.

Income tax introduction

ChitraChellam

The document provides a history of income tax law in India and definitions of key concepts in income tax. It discusses how income tax was first introduced in 1860 and the various acts passed until the current Income Tax Act of 1961. It defines important terms like assessee, person, income, agricultural income, assessment year, and previous year. It also outlines what constitutes taxable income and exemptions under the law.

Income Tax Rebate Under Section 87A

Tax 2win

Annual returns under gst

DVSResearchFoundatio

Income from Salary

RAJESH JAIN

Income from house property

premarhea

The document discusses income from house property under the Indian Income Tax Act. It provides information on determining the annual rental value and net annual value of let out and self-occupied properties. It includes definitions of key terms like municipal rental value, fair rental value and standard rent. It also discusses the treatment of different scenarios such as vacancy losses, partial letting, subletting income and interest on housing loans. Several numerical examples are provided to illustrate the calculation of annual rental value, gross annual value, standard deduction and net income from house property.

Chapter 1

Anita Tongli

The document provides definitions and concepts related to income tax in India. It defines key terms like assessee, assessment, person, income, direct tax, indirect tax. It explains the types of taxes and why taxes are levied. It describes the procedure for computing total income which involves determining residential status, classifying income under different heads, setting off losses, deductions and arriving at tax payable.

Managerial remuneration

Meera Balaji

The document discusses the calculation of managerial remuneration under the Companies Act 1956. It states that total remuneration to directors, managers, and managing directors cannot exceed 11% of net profits as defined in the Act. Net profits are calculated by taking the gross profit and subtracting/adding certain items as specified. The document also provides details on calculating remuneration in cases of adequate and inadequate profits.

Income from House property

Chella Pandian

Income tax is imposed on income by the central government in India. There are two types of taxes - direct and indirect. Income tax is a direct tax levied on total income which is calculated based on five heads of income - salaries, house property, business/profession, capital gains, and other sources. Income from house property is taxed based on its annual value, which is the expected annual rent if the property was let out. Certain properties like one self-occupied house and properties used for own business have a nil annual value and are tax exempt.

income tax

amsaranya

This document discusses income tax in India. It defines income tax as a direct tax levied on the incomes of individuals, Hindu Undivided Families (HUFs), unregistered firms, and other associations of people. It was passed as an act in 1961 and came into effect in 1962. The document then provides the income tax slab rates for the 2013-2014 assessment year, including different rates for individuals of different ages and genders. It also defines various income tax related terms and provides an example computation of total income and tax liability for an individual named M. Niranjan for the 2013-2014 assessment year.

Income from house property

DVSResearchFoundatio

Objectives & Agenda : One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.

Scope of Total Income

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The document discusses the scope of total income based on a taxpayer's residential status in India as a resident and ordinarily resident, resident but not ordinarily resident, or non-resident. It outlines the different types of income that are taxable or not taxable in India for each residential status, based on factors such as where the income was earned and received, and whether it relates to a business or profession in or outside of India. The three main considerations for determining the scope of total income and tax incidence are the taxpayer's residential status, place of accrual or receipt of income, and the time at which income had accrued or was received.

Presentation on Residence and tax liability, ppt on Residence and tax liability

Leena Gauraha

9.tax invoice-debit-and-credit-note

PSPCL

1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments. 2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons. 3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.

Income tax act 1961

Dr. Hukmaram Pawar

Tax is an important source of revenue for governments worldwide. Taxes are collected on income, sales, purchases, and properties to fund government operations. There are two types of taxes: direct taxes which are paid directly by individuals like income tax; and indirect taxes which are passed on through other entities like sales tax. Income tax was first introduced in India in 1860 under British rule to fund expenses from the 1857 rebellion. The current Income Tax Act of 1961 governs income tax in India and has been amended over time. It details the taxation of various types of income for individuals and organizations.

Pgbp

DimpleJangra3

The document defines key terms related to profits and gains from business and profession under the Income Tax Act. It discusses the charging provisions for income from business and profession and outlines the methods for computing income from business and allowable deductions. It also discusses the provisions for maintenance of accounts, audit requirements, and presumptive taxation schemes for certain businesses where accounts are not maintained.

Deductions from gross total income

P.Ravichandran Chandran

This document provides an overview of various deductions that can be claimed under sections 80C to 80U of the Indian Income Tax Act of 1961. It explains key deductions such as those for approved savings and investments of up to Rs. 1.5 lakhs under section 80C, contributions to pension schemes under 80CCD, medical and education expenses under 80D, 80DD, 80E, and donations to certain funds under 80G. It also outlines eligibility criteria and limits for claiming these common tax deductions in India.

Meaning & Scope of 'Supply' under Indian GST Laws

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UNIT 5: INCOME FROM HOUSE PROPERTY

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UNIT 5: INCOME FROM HOUSE PROPERTY