Income from let out of commercial property

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Rental income generated from a commercial property, such as a small shop, is classified and taxed under the 'Income from House Property' head. This classification applies regardless of whether the property is residential or commercial. The terminology 'Income from House Property' encompasses income derived from any buildings or associated land.

VAZRAPU SRIKANTH

VAZRAPU SRIKANTH (Querist)

29 July 2022 My relative purchased commercial property (small shop) and given let out. This income should be shown under which heads of income? . Can I treat this income as income from house property or not, please help.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

29 July 2022 Yes, it can be declared u/h. Income From House Property.

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Adv. Ravish Bhatt, ADIT, CIOT

Adv. Ravish Bhatt, ADIT, CIOT (Expert)

04 August 2022 Income of rent from whether a residential or a commercial property will be taxed under head of “Income from House Property”. It is just that Nomenclature is “Income from House Property”; however, this income from house property will include income from any buildings or lands appurtenant thereto without any distinction as to whether it is a commercial property or a residential property.

Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
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