PG INCOME
This query is : Resolved
04 December 2016
Income from PG Hostel is taxable under PGBP or House Property.
Food is provided by PG owner.
05 December 2016
As per me it should be taxed under business income (PGBP), coz whole of the building(commercial property) is used for generation the revenue for the Hostel, and Hostels and PG's main income is rent from students or tenant or as applicable. If only a part of the property is used for rent purpose then it can be treated as income from house property.
U may take the help of the following link for case laws reference:-
https://abcaus.in/income-tax/rent-from-commercial-property-taxable-as-business-income-not-residential-house.html
U may take the help of the following link for case laws reference:-
https://abcaus.in/income-tax/rent-from-commercial-property-taxable-as-business-income-not-residential-house.html
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