Income from house property
This query is : Resolved
Mukesh Katara
(Querist)
08 October 2012
Doubt in Direct Tax:
A person(lessor) is giving his land for lease to another person (lessee). Lessee built own building in the same land. He pays lease rental to lessor. Whether that lease rental income is coming under Income from house property(sec.22) or under Income from other sources(sec.56) for arriving at Total income of lessor ?
A person(lessor) is giving his land for lease to another person (lessee). Lessee built own building in the same land. He pays lease rental to lessor. Whether that lease rental income is coming under Income from house property(sec.22) or under Income from other sources(sec.56) for arriving at Total income of lessor ?
CA. Jatin Gupta
(Expert)
08 October 2012
Sec 22 says there must be building or building + land appurtenant thereto, thus a plot without superstructure is not a house property and hence any income earned there from is not taxable u/s 22..It shall be treated u/s 28 / 56...
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