Landmark Cases on Income from House Property
56 decisions, ranked by how many judgments on BharatTax rely on them.
When an assessee claims that the Assessing Officer should have determined the annual value of a property based on standard rent, the Assessing Officer is not faulted for not doing so if standard rent has not been determined by the relevant authority (e.g., BMC) and if the property was not actually let out during the year.
The municipal ratable value of a property is not binding on the Assessing Officer (AO) for determining the annual value of house property if the AO can demonstrate that the ratable value does not represent the correct fair rent.
The annual value of a property lying vacant is assessed at NIL under Section 23(1)(c) of the Income Tax Act, 1961.
Unsold properties can be assessed for deemed rental income under Section 23(1)(a) based on a reasonable letting value, often calculated as a percentage of the property's cost or value.
Rental income from unsold flats in a construction business is assessable as income from house property, allowing for deductions under Section 24(a) of the Income Tax Act.
Income derived from publicity charges for displaying advertisements or hoardings on a building is assessable as income from other sources, not as income from house property.