Rental income is exempted or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2012
WHEN A SOCIETY REGISTERED UNDER SOCIETIES ACT THEN WHETHER INCOME FROM A SCHOOL(WHICH IS RUN UNDER THE SOCIETY) IS EXEMPTED OR NOT? 2.IF RECEIPTS OF SCHOOL(WHICH IS RUN UNDER THE SOCIETY NAME)IS RS.32 LAKHS IN F.Y.2010-2011 & RS. 80 LAKH IN F.Y.2011-2012 and rental income rs 1000000 recived for other party so rental income is exempted or not
10 November 2012
The rental income is not being received from
another party. Here, it seems that money is going from one pocket of the assessee to his another pocket and it is a settled law that a person can not earn income from himself. So, when it is not income, it is not taxable.
another party. Here, it seems that money is going from one pocket of the assessee to his another pocket and it is a settled law that a person can not earn income from himself. So, when it is not income, it is not taxable.
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