House property income

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Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2014 What will be the treatment of vacant commercial property land?
whether it will be treated as deemed to be let out or not?
for example we have 3 commercial plot from which 2 are vacant what will be the tax implications for this?
i know that income from letting out vacant land is taxable under the head other source

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 March 2014 land is not included in house property...so you dont get taxed under income from house property...so no deeming fiction of "deemed let out" etc to be made.

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2014 sir i think that commercial property included in meaning of buildings
my question is whether vacant commercial property will not come in deemed to be let out property?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 March 2014 commercial property will be...but not the land...your question was treatment of "commercial property land" so it was answered accordingly.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2014 Respected Sir,
Thanks for correcting me on that.
my question now is that whether vacant commercial property will come in deemed to be let out property or not?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 March 2014 vacant commercial property shall be included in deemed let out..

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