Is possession of property a pre-requisite for allowance of interest deduction?
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- Last Updated on 4 October, 2021
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V. K. SUBRAMANI – [2021] 130 taxmann.com 471 (Article)
The provisions of Income-tax law are drafted in such a fascinating style that any person desirous of learning the law will have to go through the provisions of law in a methodical way to understand how it has been arranged/sequenced and how the incomes are compartmentalized to facilitate ease in comprehension and application. One of the heads of income where the scope for controversy is minimal relates to the head “income from house property”. Sections 22 to 27 deal with computation of income under this head.
This refresher though titled with reference to a recent controversy before the tribunal on the issue of allowance of interest deduction whether hinges on the assessee having possession and dominion over the property it also takes a snapshot of certain recent developments with regard to taxation of income from property and some suggestions to make the disclosure in ITRs complete for benefitting the stakeholders.
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