Head of Income
This query is : Resolved
Jagadish T G
(Querist)
28 July 2016
Dear Experts,
One of my client having property let out for Commercial shops - (7 shops) - out of these 1 for advertising / hoarding. And assessee receiving around Rs. 12Lakhs per year.
My query is under which head the above income should be taken.???
House property income or Business income...???
Amol S Joglekar
(Expert)
29 July 2016
It is house property income.
Jagadish T G
(Querist)
29 July 2016
Some one told income from HP & some one told Business Income. I am getting confuse with head of income.!
Kindly clarify with Act & applicable sections..
Kindly clarify with Act & applicable sections..
Amol S Joglekar
(Expert)
01 August 2016
The intention of the ASSESSEE is the key factor....
If the assessee is holding the property for BUSINESS purpose....the income from the rent would be classified as business income.....otherwise property income
If the assessee is holding the property for BUSINESS purpose....the income from the rent would be classified as business income.....otherwise property income
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