www.Aaptaxlaw.com
 
 

 

What is the Special provision for arrears of rent received? What is the treatment of Property owned by co-owners? Section 25B and 26 of Income Tax Act 1961

Special provision for arrears of rent received and Property owned by co-owners are defined under section 25B and 26 of Income Tax Act 1961. Provisions under these sections are:

Section 25B of Income Tax Act "Special provision for arrears of rent received"

25B. Where the assessee -
(a) is the owner of any property consisting of any buildings or lands appurtenant thereto which has been let to a tenant; and
(b) has received any amount, by way of arrears of rent from such property, not charged to income-tax for any previous year,

the amount so received, after deducting a sum equal to thirty per cent of such amount, shall be deemed to be the income chargeable under the head "Income from house property" and accordingly charged to income-tax as the income of that previous year in which such rent is received, whether the assessee is the owner of that property in that year or not.

 

Section 26 of Income Tax Act "Property owned by co-owners"

26. Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income.

Explanation. - For the purposes of this section, in applying the provisions of sub-section (2) of section 23 for computing the share of each such person as is referred to in this section, such share shall be computed, as if each such person is individually entitled to the relief provided in that sub-section.

 

   
 

Income Tax Act 1961

What is Income from house property? Annual value how determined? Section 22 and 23 of Income Tax Act 1961

What are the Deductions from income from house property? What are the Amounts not deductible from income from house property? Section 24 and 25 of Income Tax Act 1961

What is the Special provision for cases where unrealised rent allowed as deduction is realised subsequently? Is Unrealised rent received subsequently to be charged to income-tax? Section 25A and 25AA of Income Tax Act 1961

What is the Special provision for arrears of rent received? What is the treatment of Property owned by co-owners? Section 25B and 26 of Income Tax Act 1961

What is Owner of house property annual charge etc.? Section 27 of Income Tax Act 1961

 

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap