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RENT INCOME OF COMMERICIAL PROPERTY

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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
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 June 2024 The rental income can be considered as business income, as renting is not its main objective.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
31 August 2024 Good luck.
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