House property income exceptions

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Ayushi Agarwal (Querist)
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15 August 2012 What are various conditions when Property Rent Income is not taxable under House Property Head??

Also, if quarters are let out to employees what will be its taxability???

Amol S Joglekar

Amol S Joglekar (Expert)
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15 August 2012 01. Rent is taxable under income from house property. Where the person is having BUSINESS of renting the properties.... he/she may show it under profit & loss a/c. In such cases it will be taxed as per sec 56, 57 and 58 of the Income Tax Act. 02. If the quarters are let out to employees, it may not be regarded as QUARTERS provided the rent is the outcome of relisaqble value. Where concessional rent is charged, the position is different.

Ayushi Agarwal

Ayushi Agarwal (Querist)
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16 August 2012 Sorry...was not able 2 understand...

Can explain each case individually and in detail?

Amol S Joglekar

Amol S Joglekar (Expert)
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16 August 2012 The person having a BUSINESS of renting properties, ...the income shall be taxed NOT as house property but as income from business.

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