Income from House Property
This query is : Resolved
Sanchit Jain
(Querist)
25 June 2010
Suppose a person has entered into a collaboration agreement with a developer for development of flat. He has made full payment in the initial year and received the allotment letter. As the MOU with the developer, till the time of completion of construction, the developer will pay 12% assured return to him.
Now, the issue is whether such income is income from house property or interest income? The developer has issued TDS certificate as income income (and not as rent). Is it possible to show it as rent and claim 30% deduction?
Now, the issue is whether such income is income from house property or interest income? The developer has issued TDS certificate as income income (and not as rent). Is it possible to show it as rent and claim 30% deduction?
Manmohan ACA, CS
(Expert)
25 June 2010
No it is a interest income.
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