The document discusses the taxation of income from house property in India. It defines income from house property as notional income based on the annual rental value of a property, rather than actual rental income. It covers topics like classification of properties as self-occupied, let out, or deemed let out; computation of gross annual value; permitted deductions like standard deductions and interest on home loans; set-off of losses; and an example computation.
house property, income from house property, let out property, vacant let out property, self occupied property, deemed let out property,
lop, vlop, sop, dlop, gross annual value, gav, reasonable letting value, rlv, municipal rateable value, mrv, starndard rent,
actual rent received, arr, municipal tax, deduction u/s 24, standard deduction, interest on loan, pre construction interest,
post construction interest, unrealised rent, arrears of rent, co-ownership, deemed owners, composite rent,
Meaning of agricultural Income, Examples, Non Agricultural Income , Is Agricultural Income taxable? Case study, Examples of Agricultural Income and Non-Agricultural Income
house property, income from house property, let out property, vacant let out property, self occupied property, deemed let out property,
lop, vlop, sop, dlop, gross annual value, gav, reasonable letting value, rlv, municipal rateable value, mrv, starndard rent,
actual rent received, arr, municipal tax, deduction u/s 24, standard deduction, interest on loan, pre construction interest,
post construction interest, unrealised rent, arrears of rent, co-ownership, deemed owners, composite rent,
Meaning of agricultural Income, Examples, Non Agricultural Income , Is Agricultural Income taxable? Case study, Examples of Agricultural Income and Non-Agricultural Income
Accounts of Banking Companies - as per the Government of India Notification no. F.No.2/6/2008-C.L-V dated 30-3-2011, applicable for the financial year commencing on or after April 1, 2011.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
A bonus issue is a stock dividend, allotted by the company to reward the existing shareholders without receiving any additional payment from them, it is known as issue of bonus shares
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Presentation on computation of income from house property for the benefit of students of Income tax. Useful material for undergraduate students of commerce faculty. It covers most of the important section of Income tax act applicable for computation of Income from house Property.
Income Of Other Persons, Included In Assesses Total IncomeAdmin SBS
Who is an assessee?
Extract of sec 2(7)(a)
Assessee means a person by whom any tax or any other sum of money is payable under this Act, and includes
every person in respect of whom any proceeding under this Act has been taken for the assessment of HIS income or
of the Income of any other person in respect of which he is assessable
or of the loss sustained by him or by such other person
or of the amount of refund due to him or to such other person
Accounts of Banking Companies - as per the Government of India Notification no. F.No.2/6/2008-C.L-V dated 30-3-2011, applicable for the financial year commencing on or after April 1, 2011.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
A bonus issue is a stock dividend, allotted by the company to reward the existing shareholders without receiving any additional payment from them, it is known as issue of bonus shares
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Presentation on computation of income from house property for the benefit of students of Income tax. Useful material for undergraduate students of commerce faculty. It covers most of the important section of Income tax act applicable for computation of Income from house Property.
Income Of Other Persons, Included In Assesses Total IncomeAdmin SBS
Who is an assessee?
Extract of sec 2(7)(a)
Assessee means a person by whom any tax or any other sum of money is payable under this Act, and includes
every person in respect of whom any proceeding under this Act has been taken for the assessment of HIS income or
of the Income of any other person in respect of which he is assessable
or of the loss sustained by him or by such other person
or of the amount of refund due to him or to such other person
A property tax or millage rate is an ad valorem tax on the value of a property, usually levied on real estate. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality.
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.
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Macroeconomics- Movie Location
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
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2. DEFINITION
The income from Houses, Building, Bungalows, Godowns etc. is to be computed and assessed to tax under the head
“INCOME FROM HOUSE PROPERTY”. The income under this head is not based upon the actual income from the Property
but upon Notional income or the annual value of the Building.
Conditions that has to be satisfied to be taxable under this head :
1)The property should consists of any building or lands appurtenant thereto.
2)The assesse should be owner of the property.
3)The Property should not be used by the owner for the purpose of any business or profession carried on by him,
the profits of which are chargeable to Income Tax.
4. Actual rent
received =
rent received
– loss due to
vacancy –
unrealized
rent
Annual value: capacity of the property to earn income.
Municipal value: derived by municipal authorities.
Fair Rental Value: calculated by comparing similar property
having similar features.
Standard Rent: Amount prescribed by RENT CONTROL ACT.
Actual Rent received: Amount received by the owner from the
tenant.
Important terms to know:
5. Particulars Amount (in Rs)
Gross Annual Value (GAV) XXXX
Less : municipal tax (XX)
Net Annual Value (NAV) XXXX
Less : Deductions u/s 24
Standard Deductions (30%) (XX)
Interest on borrowed capital (XX)
Income from House Property (A) XXXX
Add : Unrealized Rent Received (B) XX
Add : Arrears of Rent Received (C) XX
Less : 30% of Arrears of Rent (X)
Total Income from House Property
(A+B+C)
XXX
Computation of House Property
6. F)
ACTUAL RENT
RECEIVED
D) STANDARD
RENT
A) MUNICIPAL
VALUE
B) FAIR RENTAL
VALUE
C) HIGHER OF A
AND B
E) LOWER OF C
AND D
G) HIGHER OF E AND F
i.e. GAV
How to Calculate GAV??
8. Table showing calculation of Net Annual Value of properties:
Let out property Deemed to be let out
property
Self occupied property
NAV = Rent paid –
Municipal taxes paid
NAV = Reasonable rent of
a similar place – Municipal
taxes paid
NAV = NIL
STANDARD DEDUCTIONS
A tax deduction of 30% of Net Annual Value of the property is allowed to the taxpayer. Net Annual Value is
calculated as Gross Annual Value minus Municipal Taxes Paid. This deduction is allowed irrespective of the amount
spent on insurance, repairs, water and electricity supply, etc.
9. TAX DEDUCTIONS FOR HOUSE LOAN
Deduction
is allowed
on (accrual
basis) :
Constructio
n
Purchase
Reconstructio
nRenewal
Repair
Limitations
Let out Property Self occupied Property
No Limitations
After 1st April
1999
Before 1st April
1999
Rs 2 lakhs (in case
of purchase or
construction)
Rs 30 thousand
(irrespective
whether the loan
is taken for
purchase,
construction,
repair, renewal or
reconstruction)
Rs 30 thousand
(in case of repair,
renewal, or
reconstruction)
10. PRE CONSTRUCTION INTEREST
Loan for purchase
or construction Deduction Allowed
Loan for Repairs or
reconstruction
Not AllowedDeduction
5 Equal
installments
(from the year in
which the house
is purchased or
construction is
completed).
Threshold limit
Rs 2 lakhs in a year only
in case of house property
An individual has taken loan on 01.06.2010 and completed the construction on 01.06.2012. The interest for the period
commencing from 01.06.2010 to 31.03.2012 shall be treated as Pre-construction period interest.
11. TAX BENEFIT ON HOME LOAN PRINCIPAL REPAYMENT UNDER SECTION 80C
Deduction is available on
payment basis
Maximum deduction Rs 1,50,000
Deduction is available on
stamp duty and registration
fee
Who can claim ?
Assesse who has
taken loan or not
When can an assesse claim ?
In the year when these expenses are
incurred.
To claim this deduction avoid selling the property in 5 years otherwise you will not be eligible to claim any deductions for
the principal repaid during the FY and the total amount of tax deduction already claimed in respect of earlier years shall
be deemed to be your income of such year in which you sold the property and you will be liable to pay tax on that
income.
12. Conditions for claiming Deductions
You can claim deduction only if the construction of
property is complete and you have received a completion
certificate for the same.
No deduction would be allowed under this section for
repayment of principal for those years during which the
property was under construction.
Deduction is also available whether the property is
self-occupied or let out & the benefit can also be claimed for more than 1 house property.
13. IF THE INCOME
FROM HP IS
NEGATIVE (LOSS) YOU
CAN SET OFF THAT
LOSS AGAINST OTHER
TAXABLE HEAD OF
INCOME
THEN ADD TOTAL
INCOME FROM HP
WITH TOTAL INCOME
FROM OTHER HEADS
TO GET GROSS
TAXABLE INCOME
ADD ALL INCOME
EARNED FROM HOUSE
PROPERTY OWED BY
YOU
ACCORDING TO RECENT BUDGET 2017 ONLY Rs 2 LAKHS CAN BE ADJUSTED AGAINST
INCOME FROM OTHER HEADS IN A FINANCIAL YEAR AND CAN BE CARRIED FORWARD
FOR 8 ASSESSMENT YEARS
SET OFF AND CARRY FORWARD
14. Example: Mr. x has let out one house property @ Rs 62000 p.m. Municipal Value is Rs 72000 p.m.; Fair rent Rs 90,000 p.m.
Standard rent Rs 100000 p.m. Municipal tax paid during the year is Rs 40000.
Compute income from house property.
Particulars Amount (rs)
Fair rent (90000*12) 1080000
Municipal Value (72000*12) 864000
Reasonable letting out value
(RLV1)
1080000
Standard rent (100000*12) 1200000
Reasonable letting out value
(RLV2)
1080000
Actual rent received
(62000*12)
744000
GAV 1080000
Particulars Amount (rs)
GAV 1080000
Less Municipal tax 40000
Net Annual Value 1040000
Less Deductions u/s 24
Standard Deductions
(30%)
312000
Interest on loan NIL
Income from House
property
728000
Calculation of GAV Computation of Income from House Property