Business of letting out the property comes under which head?
This query is : Resolved
24 June 2015
As per the recent Judgement of Supreme Court in M/s Chennai Properties & Investments Ltd Income from letting out the property (being the Business of the Assessee) will come under the head Business & Profession, However as per the Old Judgement in case of East India Housing & Land vs. CIT the same is considered as Income from House Property due to the Fact That the Main Object Clause included promotion & development of market, and it did not include letting out of property.
Now can the Assessee in the Business of Letting Out Of Property (Commercial Property) has taken the income under the head House Property during the previous years shift to Head Business & Profession where its object clause Includes Letting out of Properties, on the basis of the Recent Judgement?
Now can the Assessee in the Business of Letting Out Of Property (Commercial Property) has taken the income under the head House Property during the previous years shift to Head Business & Profession where its object clause Includes Letting out of Properties, on the basis of the Recent Judgement?
24 June 2015
Yes citing the judgement you can shift it to head business and profession, being letting out the commercial property.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR 1: Details for showing Exempt Income
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
