Rent Rreceipts

This query is : Resolved

k.b.nagesharao

k.b.nagesharao (Querist)
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29 June 2023 I have a big doubt about Rent recd as fallows.
A is the owner of building and made all required furniture and other items to run a PG.
Now he has join hands with 'Y' to run the P.G. Now Y gives to A about 75 percent of accupency of PG. as rent and balance he will retain for maintenance, and the amount so recd is not equal for all the months,. Now shall we consider the amount so recd as rent and get all the benefits under rent receipts in computation of income tax, or to show the same as income form other sources.
Please clarify
Thanks in advance,
K.B.NAGESHA RAO

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 June 2023 Declare it under business income so that all the relevant expenses can be deducted.

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