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Income of Educational Institutions [Section 10(23C)(iiiab)/(iiiad)/(vi)] and Income of Hospital [Section 10(23C)(iiiac)/(iiiae)/(via)]

Income of Educational Institutions Section 10(23C)(iiiab) Income of any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government would be exempt under section 10(23C)(iiiab). Section 10(23C)(iiiad)Income of any university or other educational institution existing solely for educational purposes […]

Meaning of Self-occupied property

A self-occupied property means a property owned by the taxpayer which is occupied throughout the year by the owner for the purposes of his own residence and is not actually let out during the whole or any part of the year. Thus, a property not occupied by the owner for his residence cannot be treated […]

Tax implication of more than one house property occupied for residence purpose

The SOP benefit (i.e., treating property as SOP and claiming GAV as Nil) is available only when property occupied by the owner for his residence or it is not occupied by the owner owing to employment or business or professional at any other place.If a person has more than one such property, then the SOP […]

Income of Core Settlement Guarantee Fund [Section 10(23EE)]

Section 10(23ED) grants exemption to Income of any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf.It should be checked that where any amount standing to the credit of […]

Deduction in respect of interest on loan taken for residential house property

Deduction under Section 80EE from Assessment Year 2017-18 As per Section 80EE of the Income-tax Act, deduction of up to Rs. 50,000 is allowed to anIndividual towards interest on loan taken for acquisition of a residential house property. However, the deduction is allowed subject to following conditions::a. the loan should be sanctioned by the financial […]

Income from international sporting event [Section 10(39)]

From the assessment year 2006-07, any specified income of notified person, arising from aninternational sporting event held in India is exempt from tax, if the event is approved by theinternational body and is notified by the Central Government and has participation by more than two countries. You may contact the author for further information at […]