Income from house property
This query is : Resolved
11 April 2014
Hi, will income from commercial premises (owned under Pagadi System ie leave and license agreement in which Tenent enjoys benefit for infinite period) will be taxed under income from house property or income from other sources if it is sublet.
11 April 2014
even in case of subletting it will be income from house property as specific sections prevails over general.
11 April 2014
can you please elaborate
11 April 2014
tell me when can any1 sublet...when already the orignal person have let out so when letting out is considered as income from hoiuse property then subletting is automatically taken as income from house property since the basic income is from renting and even subletting is a part of renting of original renting....
11 April 2014
agreed with Tushar...you may also refer Smarts (P.) Ltd. v. CIT [2008] 166 Taxman 53 (Delhi).
also, given that you have rights to reside in excess of 12 years, it anyways get covered under house property by virtue of section 27(iiib)
also, given that you have rights to reside in excess of 12 years, it anyways get covered under house property by virtue of section 27(iiib)
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14 April 2014
Mr.Tushar Generally subletting of property is taxed under Income from house property.
but i agree with Mr. Nikhil. i was also thinking that this section overrides section of Income from other Sources.
but i agree with Mr. Nikhil. i was also thinking that this section overrides section of Income from other Sources.
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