House Property
This query is : Resolved
11 May 2009
Mr.X lets out his house property from 01-04-08 to 30-09-08. From 01-10-08 to 31-03-09, he uses the house property for carrying out his business. Under which head the house property will be assessed?
a. under the head 'House Property', or
b.Under the head profits and gains, or
c.under both heads proportionately based on period of use?
Pls. explain me the relevant provisions also
Thank You
a. under the head 'House Property', or
b.Under the head profits and gains, or
c.under both heads proportionately based on period of use?
Pls. explain me the relevant provisions also
Thank You
12 May 2009
1. Income for last 6 months will be assessed as "income from House Property".
2. There will not be any income assessable for tax for first 6 months nor any expense for rent will be permitted for computing "income from business and profession." Section 30 (a) (ii) is the relevant section, which makes clear that only current repairs will be permitted as deduction, in case premises are occupied other than as tenant.
2. There will not be any income assessable for tax for first 6 months nor any expense for rent will be permitted for computing "income from business and profession." Section 30 (a) (ii) is the relevant section, which makes clear that only current repairs will be permitted as deduction, in case premises are occupied other than as tenant.
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