Licence fee received on godown
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2012
I HAVE GIVEN MY GODOWN ON THE BASIS OF LEAVE & LICENSE AGREEMENT @ RS17000/ permonth as license fees for 11 months.Will this income from license fees will be treated as rental income.will I get deduction of 30% from my income as repair costs .how income will be treated please help.will i have to charge service tax on license fee.
07 July 2012
You cant get deduction of 30% but you can claim repair and it will be treated as business income or Income from other sources
07 July 2012
Dear Friend, Your receipt will be treated as Income from renting and you will get 30% deduction form the gross amount u/s. 23 of the Income tax act and no other deduction will be available except municipal taxes. Thanks
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
