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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- Copyright software
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Transporter Declaration form
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
