Gst on immovable property have to be treated as bus income ?

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sagar kaurani (Querist)
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08 April 2018 Sir,
my client is into trading proprietory business and has given a commercial property which is on his personal name on rent and he has charged GST on the rental income.

however he has shown rental income under the indirect income in business p&l account . which increases the business NP.

he had done so , to settle the liability of GST arising out of rental income against business income as he had raised invoice under the same GST number of the proprietor.
though it is income from HP , how can we show it as business income ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 April 2018 It's a commercial property hence it can be shown as business income.

sagar kaurani

sagar kaurani (Querist)
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08 April 2018 the business property and the commercial property is situated at different place in the same state .

my client is running business from his own property

he has another commercial property ( shop) given on Rent.

still it would come under Business Income ?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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08 April 2018 Yes even place is different both shown under business income.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 April 2018 Agreed with the above reply.

sagar kaurani

sagar kaurani (Querist)
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08 April 2018 as per the income tax ..? If the shop is given on rent it would be chargeable to tax under INCOME FROM HOUSE PROPERTY ??

RAJA P M

RAJA P M (Expert)
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08 April 2018 Please read this article you can get some clarity about the rental income is under IFHP or PGBP... https://taxguru.in/income-tax/rental-income-house-property-business-income.html

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