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INTRODUCTION Section 4 of the Income tax ( Income-tax ) Act 1961 provides for ( a ,
the ) charge of income tax . However , this section by itself does not create any liability . It
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has been observed by the Supreme Court in CIT Vs. K. Srinivasan (1972) 83 ITR 346-351
that although section 4 is the charging section , yet income tax can be charged only when
the central Act, which normally is the Finance Act, enacts that income tax shall be charged
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for any assessment year at the rate or rates specified therein .
Every money receipt by
a person is not chargeable to tax . Section 14 of the Act specifies five heads of income
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on which tax can be imposed under the Income tax ( Income-tax ) Act. In order to be
chargeable , an income has to be brought under one of these five heads . The heads are:
I) salaries II) Income from House property III) profits and gains of business or profession
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IV) capital gains and V) Income from other sources . Generally real ( Real ) income is
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taxable under the Income Tax Act. Where the law provides for adopting notional ( national )
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figure as the basis of computation , notional ( national ) income gets taxed in view of
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such specific provision e.g.: in respect of the perquisite ( prerequisite ) interest free
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loan calculated at a specified rate of interest results in notional ( national ) income being
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taxed as part of salary . Section 50 C provides for adoption of
( the , a ) guideline value of an
immovable property as the consideration if the real sale consideration is lesser than such value .
Trough this provision it is possible that a notional capital gain may get taxed . On the same basis
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( \ ) there are certain situations under this head of income which ( that ) renders notional
( national ) income taxable .CHARGEABLITY (Sec. 22)
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General
The yearly estimation of a property , comprising of any structures or grounds appurtenant there to
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( too ) ( thereto ) , of which the assessee is the manager , is chargeable to duty under the head
'Salary from house property '. Notwithstanding , if a house property , or any allotment thereof,
is involved by the assessee, with the end goal of any business or calling , carried on by him,
the benefits of which are chargeable to wage assess , the estimation of such property is not
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chargeable to assessment under this head .
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Three conditions are to be fulfilled for
head .
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3. The property ought not ( to ) be utilized by the manager with the end goal of any business or
calling carried on by him, the benefits of which are chargeable to salary charge .
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Exemptions to this tenet :
That the rental pay is assessable under HP.
Pay from sub letting ( sub-letting ) Income from OTHER SOURCES since the assessee is not
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the ( a ) manager .
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Composite rent When a building has been let out alongside the furniture , ( furniture\ ) then
such letting out is called composite letting.
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According to sec 56(2 ) , ( )\ ) when the rent is interwoven pay from different sources .
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CIT Vs. SHAMBHU INVESTMENTS PVT. LTD., (2003) (s.c) such interwoven composite rent is
assessable under the head HP.
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Chelmsford club Vs. CIT (2000) 243 ITR 89.
The Honorable SC for this situation held that the assessable estimation of the club house
( clubhouse ) should be rejected from the toll of wage duty .
In specific cases ( \ ) the lawful possession may vest with one individual while taxability
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( traceability, disability, tax ability, capability, tractability ) is thrown on someone else who
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is regarded to be the ( a ) manager . According to Sec.27 (Deemed Owner) of the Income
assessment Act, the accompanying persons are to be dealt with as regarded manager of house
property with the end goal of charging to duty wage from house property :
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A person who has exchanged his home property to his mate ( generally ( ___ ) than regarding a
consent to live separated ) or to a minor youngster (not being a hitched girl );
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The holder of an impartible domain is regarded to be the individual manager of the properties of the
home ;
A part of a Co-agent Society, Company and so on., to whom a building or part thereof has
been distributed or rented under a house building plan of the general public , organization or
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affiliation , should be regarded to be the manager of such property .
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An individual who has procured a property under a force of lawyer exchange , by fulfilling
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the states of area 53a of the Transfer of Property Act, that is under a composed assention
( assertion, section, assertions, ascension, assumption ) , the buyer has paid the attention or
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is prepared to pay the thought and has taken the ownership of the property , is the esteemed
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holder of the property , despite the fact that he may not be the enrolled manager .
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An individual who has procured a right in a building (under proviso (f) of segment 269ua),
by method for a lease for a term of at the very least 12 years ( whether settled initially or
stretched out through a procurement in the understanding ), is the regarded holder of the
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property . This procurement does not cover any right by method for a lease renewable from
month to month or for a period not surpassing one year .
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Proprietorship must be of the superstructure. It is redundant that the assessee is likewise the
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manager of the area . Hence , when an individual acquires a parcel on lease and builds an ( and )
expanding on it , the wage from such building will be saddled in his grasp as salary from house
property .
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CIT Vs. Podar Cement Pvt. Ltd. (1997) 226 ITR 625 (SC).
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On account of an individual qualified for get ( forget ) wage from the property in his
own particular right and not for another person , it is not obliged that there must be an
enlisted deal deed for the assessee to treat him as the manager for the reason if Section
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22. In such case ( \ ) the salary got from the property is chargeable under the head 'Wage from
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House Property'. The way that enrollment is not yet made does not influence the chargeability
( changeability, charge ability, unchangeability, exchangeability, shareability ) of such wage under
this head .
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General
Reckoning "income FROM HOUSE PROPERTY" (Sec. 23, 24 & 25)
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All house properties are isolated into the accompanying 3 ( three ) classes with the end goal of
clarifying the standards included in reckoning :
The declaration Unoccupied property alludes to a property which ( that ) can't be possesse
( possessed, possessive, possessing, possess, possession )