Head of Income

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Jagadish T G (Querist)
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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

Amol S Joglekar (Expert)
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29 July 2016 It is house property income.

Jagadish T G

Jagadish T G (Querist)
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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..

Amol S Joglekar

Amol S Joglekar (Expert)
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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

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