Guide to .. Tax Management ,Tax Planning and Tax Saving

 

 

How To Save Tax On Income from "House Property"

 
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During the last three years the investment scenario in the country has seen a down-trend with regard to interest rates. Thus, interest incomes whether from bank or public deposit and even from postal schemes as well as the relief bonds have all seen a downward trend.
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Sounds strange but the fact remains that you can legally cut down your tax payment just by resorting to house loan repayment.

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Generally speaking, when you have more than one residential house it would speak of the development of your status and prosperity in your family. But the fact is that a second residential house in your name from the point of tax planning is no good.

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Yes, the investment in a residential house property also plays a key role in saving long-term capital gains. This aspect is of particularly great importance and practical use for all those persons who are interested to save income tax in respect of the long-term capital gains arising to them

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In case you are unable to recover the rent which is due for financial year then you will be liable to pay income tax only in respect of such rent which has actually been received by you. This is because of the fact that Section-23 provides

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If you take advantage of the provisions of the Income Tax Law as existing in Section 26 of the Income Tax Act, 1961, it is possible for you to cut down the income tax payment in respect of the rental income derived by you by letting out commercial, residential or industrial properties.

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By proper planning of investment in the real estate it is possible for every assessee to save a substantial amount of wealth tax. In case a person is owner of more than one residential house property and both the properties are kept for own residential use, the second house property would be subjected to wealth tax.

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It is sometimes seen that a businessman or a professional earning a good deal of money is interested in owning a house and earning income there from. He saves some money and invests it in the construction of a house or a flat and leases it out on a lucrative rent and then feels very happy.

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Section 71B provides that where the net result of computation under the head “Income from house property” is a loss, then the said loss will be adjusted against income under other head in the same assessment year and

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If any arrears of rent other than what has already been taxed under Section 23, are received in a subsequent year, the same would be taxed in the year of receipt, whether property is owned by the assessee in the year of receipt or not.

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The problem of giving credit for tax deducted at source on advance rent has now been solved by the Central Board of Direct Taxes through a Circular No. 5 of 2001 dated 2 March, 2001.

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