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House property or Business Income

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(Querist)
16 July 2010 A private limited co. has let out its
L & B and started its business activity some where on rent.

What is the treatment of rental Income received by the company whether it is taxable under House property or income from business

Can it claim depreciation on its Building
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
16 July 2010 HOUSE PROPERTY
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 July 2010 If it is a temporary arrangement, income may be offered under the head"income from business" and depreciation can be claimed.

On the other hand, if it is a permanent affair, income may be offered under the head"income from other sources" since it is a composite letting out of L&B. Here also depreciation claimed under section 32 can be claimed as a deduction under section 57 (ii) of the Income tax act,1961.
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