Regarding Rental Income from Commercial property
This query is : Resolved
Jaswinder singh
(Querist)
05 April 2024
Respected Sir/Madam,
if Person receives rental income from commercial property and have GST Regd - rent above 20 lakhs, Is there any way to covered under Business Income rather than house property income in ITR, right now his income treated under house property head. But due to taxation purpose we want to reduce tax burden thru legal way.
Many people incorporate Pvt Ltd, transfer ownership of property to company than treated business Income.
Instead of above this, Is this legal way if normal person treated business income from commercial property in ITR without incorporating Pvt Ltd?
if Person receives rental income from commercial property and have GST Regd - rent above 20 lakhs, Is there any way to covered under Business Income rather than house property income in ITR, right now his income treated under house property head. But due to taxation purpose we want to reduce tax burden thru legal way.
Many people incorporate Pvt Ltd, transfer ownership of property to company than treated business Income.
Instead of above this, Is this legal way if normal person treated business income from commercial property in ITR without incorporating Pvt Ltd?
Nikhil Kaushik
(Expert)
05 April 2024
how much tax savings are you expecting vs the extra effort to maintain the whole activity as business activity starting with registration under shops and establishment act?
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