House property income
This query is : Resolved
Mantu Agarwal
(Querist)
21 July 2014
Dear Expert,
A Pvt. Ltd Co. holds a residential Complex.
The co's only income is Rent received from Flat.
While Filing if ITR under what I have to show the income
Income from House Property or PGBP
If I show it as HP income can we claim other exp like Audit fees, Salary etc
Pls reply
Thanks
A Pvt. Ltd Co. holds a residential Complex.
The co's only income is Rent received from Flat.
While Filing if ITR under what I have to show the income
Income from House Property or PGBP
If I show it as HP income can we claim other exp like Audit fees, Salary etc
Pls reply
Thanks
NARENDRA SONI
(Expert)
21 July 2014
Dear Mantu,
It depends on the business of the company. From the question you have raised, it seems that your company is not in the business of letting out of the properties. So,rent income is taxable under the head Income from House properity. You can claim only permissible expenses under the house property. You cant claim audit fees, salaries etc. exp
It depends on the business of the company. From the question you have raised, it seems that your company is not in the business of letting out of the properties. So,rent income is taxable under the head Income from House properity. You can claim only permissible expenses under the house property. You cant claim audit fees, salaries etc. exp
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