Income from house property
This query is : Resolved
21 September 2011
If any Rent is received by a director for the property in which his business or profession is carried on than such income in the hands of the Director would be treated as Income from HP our Income from Business.
As section 22 says
" The annual value of property consisting of any building or land appurtenant thereto of which the assessee is the owner
OTHER THAN SUCH PORTION OF SUCH PROPERTY AS HE MAY OCCUPY FOR THE PURPOSE OF ANY BUSINESS OR PROFESSION carried
on by him the profits of which are chareable under the head income from HP
As section 22 says
" The annual value of property consisting of any building or land appurtenant thereto of which the assessee is the owner
OTHER THAN SUCH PORTION OF SUCH PROPERTY AS HE MAY OCCUPY FOR THE PURPOSE OF ANY BUSINESS OR PROFESSION carried
on by him the profits of which are chareable under the head income from HP
21 September 2011
It will be treated as income from HP and not as income from business & Profession.
Message likes :
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21 September 2011
Than what does Section 22 mean by this
"OTHER THAN SUCH PORTION OF SUCH PROPERTY AS HE MAY OCCUPY FOR THE PURPOSE OF ANY BUSINESS OR PROFESSION"
"OTHER THAN SUCH PORTION OF SUCH PROPERTY AS HE MAY OCCUPY FOR THE PURPOSE OF ANY BUSINESS OR PROFESSION"
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