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
CA R SEETHARAMAN
(Expert)
15 June 2016
As the property is a commercial property treat it as business income.
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