Rental Income Of Apt Owners' Associations-Car Parking Spaces

yes it is taxable under BPV head

plz clarify if i m wrong

thanks

yes it is taxable agree with above

I am at a loss after reading what is stated on this web site:

https://www.commonfloor.com/articles/income-tax-and-rebate-for-apartment-owners-association-814.html

Please read on.....and let me have your views?
 

It is taxable under business or profession as the same is not a house property...

It is taxable under B/P head

Hi All,

The rental income earned by a registered Apartment Owners' Association by renting vacant car parking spaces within its premises taxable.

Agreed but it is not taxable under business or profession, because the main activity or business of Apartment OwnersAssociation is not renting vacant car parking space.

The rental income earned by the Association is Misceleanoeous. Hence, the income is taxable under the head Income from Othersources.

yes it ll b taxable under other sources head nt in b/p...

Hi all

I assume vacant parking spaces is a building since it is located in apartment. Therefore its income is taxable under the head Income from house property.

Thanks