Blog

Income tax is a tax on income and hence essentially any sum sought to be taxed must be income in the rational sense.[ [1965] 56 ITR 198 (SC)] Broadly the head “Income from house property” covers income which can be reasonably expected to be earned from letting of the property or the rent received or receivable if property is actually let. Further the Income Tax Act, 1961 (the Act) provides for adjustment towards a let out property being vacant. Thus, the owner of a house property is liable to paIncome tax is a tax on income and hence essentially any sum sought to be taxed must be income in the rational sense.[ [1965] 56 ITR 198 (SC)] Broadly the head “Income from house property” covers income which can be reasonably expected to be earned from letting of the property or the rent received or receivable if property is actually let. Further the Income Tax Act, 1961 (the Act) provides for adjustment towards a let out property being vacant. Thus, the owner of a house property is liable to pataxmann.com Latest ArticlesRead More