Land given on Rent
This query is : Resolved
12 March 2011
Hi expert... Mr A have given one land( no other construction on that) on rent of Rs. 60lac P.Annum + Service tax...So pls advice me in which head this income will be taxable (Mr A. has also income from Business and Profession)
12 March 2011
If Mr.A renting in regular basis as business then it will be consider as Income from business, but it is temperory nature can be taken as Income from Other sources
12 March 2011
As per the decision reported in [2007] 158 TAXMAN 465 (P&H) land rent has to be assessed under the head"income from other sources".
12 March 2011
If I will show it in the Income from Other Sources .... Can I claim Expenses incurred as an interest against this Rent income or other expense related to Land?
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