India - Income Tax Act 2010 - Saarc

S. 27 I.T. ACT, 1961 1.160deduction under section 23 or section 24 44 [as it stood immediately before itssubstitution by the Finance Act, 2001]) as the income of that previous year,whether the assessee is the owner of that property in that year or not.]44[Unrealised rent received subsequently to be charged to income-tax.25AA. Where the assessee cannot realise rent from a property let to a tenantand subsequently the assessee has realised any amount in respect ofsuch rent, the amount so realised shall be deemed to be income chargeable underthe head “Income from house property” and accordingly charged to income-taxas the income of that previous year in which such rent is realised whether or notthe assessee is the owner of that property in that previous year.]45[Special provision for arrears of rent received.25B. Where the assessee—(a) is the owner of any property consisting of any buildings or landsappurtenant thereto which has been let to a tenant; and(b) has received any amount, by way of arrears of rent from suchproperty, not charged to income-tax for any previous year,the amount so received, after deducting 46 [a sum equal to thirty per cent of suchamount], shall be deemed to be the income chargeable under the head “Incomefrom house property” and accordingly charged to income-tax as the income ofthat previous year in which such rent is received, whether the assessee is theowner of that property in that year or not.]Property owned by co-owners.4726. 48 Where property consisting of buildings or buildings and lands appurtenantthereto is owned by two or more persons and their respective sharesare definite and ascertainable, such persons shall not in respect of such propertybe assessed as an association of persons, but the share of each such person in theincome from the property as computed in accordance with sections 22 to 25 shallbe included in his total income.49[Explanation.—For the purposes of this section, in applying the provisions ofsub-section (2) of section 23 for computing the share of each such person as isreferred to in this section, such share shall be computed, as if each such personis individually entitled to the relief provided in that sub-section.]“Owner of house property”, “annual charge”, etc., defined.5027. For the purposes of sections 22 to 26—(i) an individual who transfers otherwise than for adequate considerationany house property to his or her spouse, not being a transfer in44. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.45. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001.46. Substituted for “a sum equal to one-fourth of such amount for repairs of, and collectionof rent from, the property” by the Finance Act, 2001, w.e.f. 1-4-2002.47. See also Letter F. No. 45/230/63-ITJ, dated 22-2-1965. For details, see Taxmann’s MasterGuide to Income-tax Act.48. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.49. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.50. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.