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Income Tax

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(Querist)
06 October 2008 One of a private limited company shows their main sources of income as Rent (exceeding 1 crore)no other activities is carried on . and the same agrees with their momerandum of association which states acquiring and leasing of building as their primary object . my question is can in this case renting of buildings be taken as their business inocme .?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
06 October 2008 No. it is income from property.
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Hussain

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Hussain (Querist)
07 October 2008 Any explaination for the above answer.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
10 October 2008 No other explanation other than the source of income being rent from property.
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