Classification of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2016
I have constructed a 3-storied building on land owned by me through utilization of own as well as borrowed funds purely for letting out purpose. Total built up area is around 30,000 sq.ft. (10,000 approx each floor)
Ground floor is let out completely to a supermarket.
2 shops on 1st floor is let out, others are vacant
2nd floor is a party hall.
Expenses in the common area are met by me like watchman salary, sweeper salary and electricity, lift maintenance etc.
My query is under what head will the income be assessed viz. Income from house property or business income or income from other sources.
Thanks in advance
Ground floor is let out completely to a supermarket.
2 shops on 1st floor is let out, others are vacant
2nd floor is a party hall.
Expenses in the common area are met by me like watchman salary, sweeper salary and electricity, lift maintenance etc.
My query is under what head will the income be assessed viz. Income from house property or business income or income from other sources.
Thanks in advance
15 June 2016
As the property is a commercial property treat it as business income.
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
- ITR-Capital Gain
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- GST ISD Query on various AMCs
- DUE DATE FOR ITR FILING
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Sale of Mutual Funds In Diffirent Financial Years
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Gst reverse charge mechanism to be claimed in the month of payment
- Itr processing refund
- U/S 194 T
- TDS refund Indemnity Bond
- ITC BENEFIT ON BROKRAGE PAID
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
