P-FIRM having Income "only" from HP
This query is : Resolved
26 July 2010
Dear Experts,
A P-Firm shut down its business operations and let out its Factory on rent. it is the only income to the firn for the current year.
Whether it should be treated as HP Income or BI.
Plz give with any facts or Notifications or any suport evidence.
Thanks
A P-Firm shut down its business operations and let out its Factory on rent. it is the only income to the firn for the current year.
Whether it should be treated as HP Income or BI.
Plz give with any facts or Notifications or any suport evidence.
Thanks
26 July 2010
If permanently shut with the intention of close the business:-
1) if it is composite rent section 56(2)(iii) attracts and income is to be offered under "income from other sources".
2) if rent of building only income may be offered under "Income from House property".
If letting out is temporary, income may be offered under the head "Income from business/profession".
1) if it is composite rent section 56(2)(iii) attracts and income is to be offered under "income from other sources".
2) if rent of building only income may be offered under "Income from House property".
If letting out is temporary, income may be offered under the head "Income from business/profession".
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