Renting of residential property
This query is : Resolved
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
06 August 2014
it is taxable under the income from other sources. due to you ar not the owner of the house.
Message likes :
1 times
06 August 2014
no subletting is also charged as income from house property.
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.
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Building and other construction workers welfare cess act 1996
- Article ship defecit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
