Income tax
This query is : Resolved
06 September 2013
Hello
I want to know that while computation on income tax for an individual- if the property is given on rent. What will tax liability for the individual
. If the individual was doing his business. So the income from that property should be added only in “ income from House Property “ or it also to be included in “Income from other Sources” as it comes other income in profit and loss A/c-( F.Y. 2011-12)
Kindly guide me for the actual computation of Income
Thanks
I want to know that while computation on income tax for an individual- if the property is given on rent. What will tax liability for the individual
. If the individual was doing his business. So the income from that property should be added only in “ income from House Property “ or it also to be included in “Income from other Sources” as it comes other income in profit and loss A/c-( F.Y. 2011-12)
Kindly guide me for the actual computation of Income
Thanks
CMA Ramesh Krishnan
(Expert)
08 September 2013
Rental income need to be shown under Income from house property u/s.22 and deductions u/s.24 can be claimed
CMA Ramesh Krishnan
(Expert)
08 September 2013
Property u/s. 22 is the any buildings or lands appurtenant there to.
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