Rental income of terrace for mobile tower in case of co-op s

This query is : Resolved

Santosh (Querist)
Follow

29 December 2011 Dear Sir,

Rental Income of Terrace for Mobile Tower in case of Co-Op Society is under which head.

As Terrace is the part of the building, it should come under Income from House Property.

Thanks in advance.

Mahesh Paryani

Mahesh Paryani (Expert)
Follow

29 December 2011 Dear Santosh

It would not be regarded as income from house property but would be under the head income from profits and gains of business and profession or income from other sourses as the case may be.
this comment is on the basses of the definitation of income from house property.

Regards

Santosh

Santosh (Querist)
Follow

29 December 2011 Sir,

But Terrace is a part of Building and hence should come under the definition of House Property

Mahesh Paryani

Mahesh Paryani (Expert)
Follow

29 December 2011 Dear Santosh.

The word property in section 22 to 27 have been not been used in a wider sense or meaning . It is very much limited to a type defined by the language of the section i.e. buildigs or land appurtenant there to (Chitpore Golabari Co P Ltd V CIT (1971) 82 ITR

So by the above case you have to try to understand the limited defination of building and land appurtenant.

Indications for this are while calculating Income from house property you come across Standard rent, Municipal value. you would not be able to get these figures for your calculation.

Moreover there is a case law not exactly matching your case but you can get a hint from the same

If a land appurtant thereto yealds any independent and commercial income such income shall be taxed under business income or income from other sources
(Ramalakshmi Reddy (M) v CIT (1998) 232 ITR 281 (Mad)

This is as per my openion you will have to refer to a professional for detail discussion and understanding the facts of the case

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Shubham Jain

RAVINDRA KUMAR

Vidish Bhatt

bhavesh

nilesh

Subscribe Now

Rental income of terrace for mobile tower in case of co-op s

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA