Rental income
This query is : Resolved
28 September 2013
It's a Private ltd company having the main object to let out the building. My doubt is whether it is chargeable under "House Propety or Business or Professiona Income"
29 September 2013
You have both the options. However, generally it is beneficial to claim the same under house property as 30% deduction is anyways provided under section 24 along with interest deduction.
if you offer the same under business income, you would end up offering more income for taxation.
if you offer the same under business income, you would end up offering more income for taxation.
08 October 2013
If the main object is that of leasing then it should also include machinery for treating this as business income otherwise it is HP income where you get direct 30% deduction and no other expenses will be allowed except interest and Municipal tax
17 October 2013
Agreed with aggarwal sir.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- EXPORT COMMERCIAL INVOICE HSN CODE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- ITR 4 and Bank transactions
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
