Income to be offered or not
This query is : Resolved
Raghu Ram V.V
(Querist)
24 January 2013
Sir/ Madam,
Our client has an urban vacant land admeasuring 416sq.yards. It was let out for rent and the rental income is being derived.
Now, while filing the wealth tax return, do we need to offer the rent as income or is there any specific exemption from such rental income.
Our client has an urban vacant land admeasuring 416sq.yards. It was let out for rent and the rental income is being derived.
Now, while filing the wealth tax return, do we need to offer the rent as income or is there any specific exemption from such rental income.
Amol S Joglekar
(Expert)
24 January 2013
For wealth tax, you need to take the VALUE of plot. Rental income shall be shown in income tax return. No exemption per se. You can claim the deductions.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Additional trade name
- Whether output tax is taken credit by purchaser
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
