Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

House property income

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

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?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now