If a residential flat let out for the following purposes,will it come under the category of commerical properties:-
(a) residential purpose
(b) business purpose
Kindly please reply.
Thank you.
sunil aravind (accountant) (96 Points)
01 October 2014If a residential flat let out for the following purposes,will it come under the category of commerical properties:-
(a) residential purpose
(b) business purpose
Kindly please reply.
Thank you.
Mihir
(Wealth Manager)
(5293 Points)
Replied 01 October 2014
If a residential flat is let out for residential/commercial purpose, the rental income shall be chargeable to tax under the head income from house property.