RENT INCOME OF COMMERICIAL PROPERTY
This query is : Resolved
Quick Summary
VIPIN KUTUMBALE
(Querist)
13 June 2024
A partnership firm has constructed a commercial property with object to sell it , but due to price property could not be sold in 2023-24 hence decided Rented the same property to A hospital company pvt ltd. say 2,00,000/- pm for six month . now in income tax how it will be considered , as business income or House property Income . how to keep record in balance shee and profit & loss account in TALLY and income tax return . If rental income is considered how it will be treated in Tally and Income Tax retur. Thanks in advace
Dhirajlal Rambhia
(Expert)
13 June 2024
The rental income can be considered as business income, as renting is not its main objective.
Dhirajlal Rambhia
(Expert)
31 August 2024
Good luck.
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