Rental income or business income

This query is : Resolved

Shubham Bindal (Querist)
Follow

23 June 2012 if an organisation has a business of giving property for rent then in such a case whether it shall be treated under the head of house property or business income?

Ca Anand Dubey

Ca Anand Dubey (Expert)
Follow

23 June 2012 BUSINESS INCOME

Shubham Bindal

Shubham Bindal (Querist)
Follow

23 June 2012 then whether the organisation shall get deduction of 30% of the rent as in case of income from house property or any other method?

CA Jeen paul

CA Jeen paul (Expert)
Follow

23 June 2012 in the following cases, income from trading or business is not taxable under section 28, under the head " profits and gains of business or profession"

1) Rental income rvd in the hands of the an assesee engaged in the busines of letting properties on rent ( salisbury House estate Ltd v fry (1930) AC HL
CIT vs National storage (p) ltd 1963 48 ITR 577 (Bom)
2)dividend on shares in the case of a dealer in shares
3) winning from lotteries etc. even if derived as a regular activity

hence house property income

Message likes : 1 times

Shubham Bindal

Shubham Bindal (Querist)
Follow

25 June 2012 ok thanx

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