hp income plz help me ..
This query is : Resolved
06 February 2011
sir i hav a doubt in "income from house property "
if the assessee engaged in lending houses 4 rent i.e this is his busines ...
so wil it be taxed under "income from house property" ? if yes then why ??
thanks ...
if the assessee engaged in lending houses 4 rent i.e this is his busines ...
so wil it be taxed under "income from house property" ? if yes then why ??
thanks ...
CA PARAS BAFNA
(Expert)
06 February 2011
Yes , If the assessee is letting
out his own houses then the rental income income will be treated as income from house property.
Section 22 is a specific section for treating such income as IFHP as it prescribs that annual value (Rent) of property consisting of any building or land appurtenant thereto , other than the property from where own business is run, will be taxed under this head.
out his own houses then the rental income income will be treated as income from house property.
Section 22 is a specific section for treating such income as IFHP as it prescribs that annual value (Rent) of property consisting of any building or land appurtenant thereto , other than the property from where own business is run, will be taxed under this head.
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