House property income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2010
Our's is a Pvt. Ltd. compnay, owned few industrial plots which is rented out.
Can the income from rent is treated as Other income or Business income or we can treat it as house property income & take deduction under house property income?
Can the income from rent is treated as Other income or Business income or we can treat it as house property income & take deduction under house property income?
07 November 2010
1. It's not an income from building or land appurtenant the building. Hence it's not House Property Income.
2. It can be shown as business income provided main clause in AOA includes such activity.
3. If there is no description in main clause then also it's income can be calculated as per provisions of business income and can be shown under the head Income from Other Sources.
2. It can be shown as business income provided main clause in AOA includes such activity.
3. If there is no description in main clause then also it's income can be calculated as per provisions of business income and can be shown under the head Income from Other Sources.
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