Nature of business as per income tax

This query is : Resolved

Mohammed Faizan Malik (Querist)
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26 July 2014 a person who has taken a hotel(lodge)in rent and manages all affairs and pays rent to owner. what nature of business shall be selected when he wills to file return ???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 July 2014 What is the source of his income? You have only stated he pays rent and manager all affairs but where is the source of Income? Through which activity he earns income?

Mohammed Faizan Malik

Mohammed Faizan Malik (Querist)
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01 August 2014 Obviously wen he has taken hotel in rent his source of income will be hotel income for which he is paying rent.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 August 2014 Income will be taxable under the head Profit and Gains of Business or Profession.

Nature of Business to be selected in ITR - 0708-Hotels