Sum Received from Cellular Companies for Renting out of the Terrace for Installation of Mobile Antenna was Taxable as Income from House Property

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

House Rent Allowance (HRA) Taxability and Calculation

Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel format for easy calculation of exempt  HRA Allowance out of Total HRA received by Salaried Assessee. Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance … Read more

House Property Amendment for Assessment Year 2015-16

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)

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