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The term annual value has been defined under Section 23(1) of the Income-tax Act, as "the sum for which the property might reasonably be expected to let from year to year".
Under section 10 of the Income-tax Act, 1961 certain incomes from house property are exempted from tax. These incomes are not to be included in the total income of the assessee.
There are many instances where rental income from a building is not treated as house property income. Four of such instances have been discussed in this article.
One of the common sources of income is rental income from house. The income from houses, buildings, godowns etc. is to be computed and assessed to tax under the head "Income from house property".
In case employer had provided a car or any other vehicle for the private use of the employee or any other member of his family, it is a perquisite which is taxable in the hands of the employee provided he/she is an employee of a specified category.
Discussing all about Rent Free Accommodation including its meaning, meaning of salary for this purpose, Hotel Accommodation, exempt cases and calculation for furnished and unfurnished accommodation.
Interest income is one of the most common sources of income for the general public. In this article, we will discuss all the exempt interest incomes under the Income Tax Act, 1961.
What are Official Allowances and Personal Allowances under sections 10(14)(i) and 10(14)(iii) respectively of the Income Tax Act and what are its tax implications? Let us discuss.
Employees are encouraged to travel anywhere in India along with their families and to help the employee the travel expenses are given by the employer which is exempt u/s 10(5).
Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.
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