Income from lease money
This query is : Resolved
10 May 2014
A prop. firm has leased its one unit to someone.
Now will the lease income be taxed under Business & profession head after deducting depreciation on leased assets ????
the firm is also doing some separate business activity..
Now will the lease income be taxed under Business & profession head after deducting depreciation on leased assets ????
the firm is also doing some separate business activity..
Ravindra Srinivasa
(Expert)
12 May 2014
If the firm's business is also leasing out of unit, then it will be a part of its business income. IF not, then it is taxable under income from house property and claim standard deduction @ 30%, interest on borrowed loan if any for the acquisition of that property and taxes paid if any there upon.
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