Rental income or business income
This query is : Resolved
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?
23 June 2012
BUSINESS INCOME
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?
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
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
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- ITR 4 and Bank transactions
- FCRA 6 E- Intimation
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- 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
