catchwords: Income from House Property
When Can Assessee Apply For Revision U/s. 264?
From the facts it is not clear for which assessment year the intimation was issued under section 143(1) of the Act and whether assessment under section 143(3) is pending or not? Further date of intimation is also not mentioned.
Whether Benefit Of Section 54F Is Available Of HUF Invest In The Name Of Co-parcener?
According to me no benefit would be available to the HUF if it invests in the name of coparcener. Under section 2 (31) read with section 4 the HUF as well as coparcener are separate assessable entities. This view is supported by the decision of Income Tax Appellate Tribunal, Nagpur Bench in ITO vs. Prakash Timaji Dhangode [258 ITR (AT) 114], where the Tribunal has held as under:
Whether Benefit Of Section 54F Is Available If A Property Other Than Residential Property Was Sold?
As I understand from the query, that the assessee has received a residential house property under will during the financial year 2000-01, which was purchased by the previous owner in 1975. Now dismantling the said property, the assessee has sold the said property in the financial year 2009-10. I presume that the previous owner was
Whether Benefit Of Section 54EC Is Available Financial Year Wise?
Yes, In ITO v. Ms. Rania Faleiro [142 ITD 769] the Panji Tribunal has held as un-der: “The plain reading of section 54EC(1) as well as the proviso thereto clearly sug-gests that the limit of Rs. 50 lakhs as given under the proviso is as per person per financial year. There is no ambiguity in the interpretation, Had there been an intention of the legislature to restrict the exemption of Rs. 50 lakhs, the legislature would have provided the embargo in this regard
Whether Brokerage And Other Maintenance Charges Deductible From Rental Income Assessed Under The Head “Income From House Property”?
In Tube Rose Estates (P) Ltd., v. ACIT [123 ITD 498] the Delhi Tribunal has held that the brokerage payable by an assessee for renting out the premises could neither be deducted from the rent under section. 23 nor it was allowable as a deduction under section 24 of the Income-tax Act, 1961.
Whether In The Hands Of Developer, Rental Income To Be Taxed Under Head “Business Income” Or “Income From House Property”?
Under the Income-tax Act 1961, the income of an assessee is one and various sections direct the modes in which the income is to be charged. No one of those sections can be treated as general or specific for the purpose of any one particular source of income; they all are specific and deal with various heads in which an item of income of an assessee falls. These sections are mutually exclusive and where an item of income falls specifically under one head, it has to be charged under that head and no other.