HOUSE PROPERTY

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 November 2010 IF A COMPOSITE RENT IS RECEIVED FROM A TENANT, HOW IT IS TAXED?
IS IT DIRECTLY INCLUDED IN THE INCOME FROM HOUSE PROPERTY AND TAXED AS A WHOLE???

15 November 2010 No. To be assessed under "Income from other sources" as per section 56(2)(iii) of the IT Act,1961.

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 November 2010 Thanks a lot sir

15 November 2010 When an assessee lets on hire machinery, plant or furniture & also building and letting of building is inseparable from letting of machinery, plant or furniture, the income from letting of building is taxable under the head "Income from Other sourses", IF THE SAME IS NOT CHARGABLE TO TAX UNDER THE HEAD "BUSINESS OR PROFESSION"



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Querist : Anonymous

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16 November 2010 Thanks for the explanation sir


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