RENT INCOME OF COMMERICIAL PROPERTY

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This query is : Resolved

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A partnership firm built a commercial property for sale but rented it out when it didn't sell. The query asks whether the rental income should be classified as business income or house property income for tax purposes. It also seeks guidance on how to record this in Tally, the balance sheet, profit and loss account, and income tax return, especially considering the rental income is £200,000 per month for six months.

VIPIN KUTUMBALE

VIPIN KUTUMBALE (Querist)
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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