India - Income Tax Act 2010 - Saarc

1.161 CH. IV - COMPUTATION OF BUSINESS INCOME S. 28connection with an agreement to live apart, or to a minor child notbeing a married daughter, shall be deemed to be the owner of thehouse property so transferred;(ii) the holder of an impartible estate shall be deemed to be the individualowner of all the properties comprised in the estate ;51[(iii) a member of a co-operative society, company or other association ofpersons to whom a building or part thereof is allotted or leased undera house building scheme of the society, company or association, as thecase may be, shall be deemed to be the owner of that building or partthereof ;(iiia) a person who is allowed to take or retain possession of any buildingor part thereof in part performance of a contract of the naturereferred to in 52 section 53A of the Transfer of Property Act, 1882 (4 of1882), shall be deemed to be the owner of that building or partthereof ;(iiib) a person who acquires any rights (excluding any rights by way of alease from month to month or for a period not exceeding one year) inor with respect to any building or part thereof, by virtue of any suchtransaction as is referred to in clause (f) of section 269UA, shall bedeemed to be the owner of that building or part thereof;](iv) 53 [***](v) 53 [***](vi) taxes levied by a local authority in respect of any property shall bedeemed to include service taxes levied by the local authority inrespect of the property.D.—Profits and gains of business or professionProfits and gains of business or profession.5428. 55 The following income shall be chargeable to income-tax under the head“Profits and gains of business or profession”,—51. Substituted by the Finance Act, 1987, w.e.f. 1-4-1988.52. For text of section 53A of the Transfer of Property Act, 1882, see Appendix.53. Clauses (iv) and (v) omitted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to theiromission, clauses (iv) and (v) read as under :‘(iv) “annual charge” means a charge to secure an annual liability, but does not includeany tax in respect of property or income from property imposed by a local authority,or the Central or a State Government ;(v) “capital charge” means a charge to secure the discharge of a liability of a capitalnature ;’54. See also Press Note, dated 9-10-1952, issued by the Ministry of Finance, InstructionNo. 971 [F.No. 228/12/76-IT(A-II)], dated 8-7-1976, Circular No. 1(XLVII-12), dated16-1-1962, Circular No. 35-D(XLVII-20), dated 24-11-1965, Circular No. 25, SIA Series,dated 20-10-1975, Circular No. 599, dated 24-4-1991, Circular No. 665, dated 5-10-1993,Circular No. 742, dated 2-5-1996 (as amended by Circular No. 765, dated 15-4-1998); Letterdated 12-3-1996, Circular No. 787, dated 10-2-2000; Circular No. 6/2001, dated5-3-2001, Circular No. 2/2002, dated 15-2-2002, Circular No. 4/2004, dated 13-5-2004 andCircular No. 4/2007, dated 15-6-2007. For details, see Taxmann’s Master Guide to IncometaxAct.55. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.