Excerpt: The harmonious effect of the provisions of the section would be to say that on completion of the entire building, including the residential unit which is in the occupation of the assessee, the assessee is entitled to a relief. But, in computing that relief, the annual value of the residential unit which is in … Continue reading S.C. Majumdar vs Commissioner Of Income-Tax
The mere fact that the rooms have been let out on rent to different lodgers on a monthly basis is not sufficient to constitute these rooms into separate residential units for the purposes of the grant of the benefit.
Excerpt:The mere fact that the rooms have been let out on rent to different lodgers on a monthly basis is not sufficient to constitute these rooms into separate residential units for the purposes of the grant of the benefit under Clause (b) of the second proviso to Section 23(1) of the Act. As already indicated, we are … Continue reading The mere fact that the rooms have been let out on rent to different lodgers on a monthly basis is not sufficient to constitute these rooms into separate residential units for the purposes of the grant of the benefit.
In order to claim benefit of deduction under Clause (c) of the second proviso to Section 23(1) of the Act from the annual value, the unit should be a residential unit.
Excerpt: The applicant is an individual. He derives income from salary and property. He owns a property situated at B-40, Nirala Nagar, Lucknow. The ground floor of the property was let out on 1st Aug., 1978, to the Fertiliser Corporation of India Ltd. on a monthly rent of Rs. 4,500 out of which Rs. 1,250 … Continue reading In order to claim benefit of deduction under Clause (c) of the second proviso to Section 23(1) of the Act from the annual value, the unit should be a residential unit.
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