Rental Income from House Property: Owner Definition Under Income Tax Bill 2025 and Income Tax Act 1961

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing it with Section 27 of the Income-tax Act, 1961. The provisions are crucial for determining ownership for taxation of income from house property. 2. Objective and Purpose Both provisions aim to: * Define who qualifies as an "owner" for taxation purposes * Prevent tax avoidance through certain property transfers * Establish deemed ownership in specific circumstances * Provide clarity o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ore detailed language * Specifically mentions "individual owner" 3.4 Cooperative Society Members Bill 2025 [Clause 25(c)]: * Streamlined language * Maintains same substantial rights Act 1961 [Section 27(iii)]: * More verbose construction * Identical in substance 3.5 Rights in Part Performance Bill 2025 [Clause 25(d)]: * Direct reference to Transfer of Property Act * Clearer l....