Renting of residential property
This query is : Resolved
tapas sharma
(Querist)
06 August 2014
DEAR EXPERT,IF SOME ONE TAKES A RESIDENTIAL HOUSES ON RENT AND THEN AGAIN RENT THE SAME FURTHER FOR RESIDENTIAL PURPOSE.SO IN WHICH SERVICES IT IS INCLUDED AND IS IT TAXABLE,THEN ON WHICH AMOUNT & AT WHAT RATE????
06 August 2014
tds is deductible u/s 194I and for rate can refer this link :
https://blog.tdsman.com/2014/08/tds-tcs-rates-chart-for-fy-2014-15/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+Tdsman+%28TDSMAN%29
https://blog.tdsman.com/2014/08/tds-tcs-rates-chart-for-fy-2014-15/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+Tdsman+%28TDSMAN%29
Rupesh Jain
(Expert)
06 August 2014
it is taxable under the income from other sources. due to you ar not the owner of the house.
Message likes :
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06 August 2014
no subletting is also charged as income from house property.
Nikhil Kaushik
(Expert)
07 August 2014
dear experts, isn't the question regarding service tax!!!
With regards to the original query, if the sub-letting is for commercial purposes, then it will be covered under service tax under "renting of immovable property"
with regards to conflict of opinion, Tushar is correct as per case law Smarts (P.) Ltd. v. CIT [2008] 166 Taxman 53 (Delhi).
But for that conditions prescribed under section 27(iiib) should be satisfied.
Otherwise such income shall be taxed as Income from other sources or income from business/profession depending on the facts of the case.
With regards to the original query, if the sub-letting is for commercial purposes, then it will be covered under service tax under "renting of immovable property"
with regards to conflict of opinion, Tushar is correct as per case law Smarts (P.) Ltd. v. CIT [2008] 166 Taxman 53 (Delhi).
But for that conditions prescribed under section 27(iiib) should be satisfied.
Otherwise such income shall be taxed as Income from other sources or income from business/profession depending on the facts of the case.
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