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Heads of Income

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 May 2010 under which head, we need to tax Rental Income and Common Area Maintenance charges, whether to charge under House property for rental income and Common area maintenance under Business income
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CA Shiv

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CA Shiv (Expert)
12 May 2010 it will be treated as a business income as from your question it seems that you are taking rent for some appartment or some mall. its your business to do it..

If m wrong pls let me knoe
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CA Pradeep Kumar Rajput

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CA Pradeep Kumar Rajput (Expert)
12 May 2010 if it is come under the head income from house property then there is the standard deduction of 30% and no separate expenses allowed form common area maintenance.......
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