Tax liability on rent income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2013
Sir,Open agriculture land is given temporary on hire to a company on rent agreement for their employee shelter.Company deduct tax U/s 194I. my query (1)under which head income is taxable (2)which deductions are allowable (3)which ITR form required. sir plz clarify.
CA PARAS BAFNA
(Expert)
03 February 2013
Income has to be shown under Income from Other Sources. Deductions are not specified.
Any direct expenditure incurred in connection with the earning of income may only be claimed. This particular Income can be shown in ITR 1.
.
However, Agriculture Income respect of other land held by you is also required to be shown. In such a case ITR-2 can be used.
.
Any direct expenditure incurred in connection with the earning of income may only be claimed. This particular Income can be shown in ITR 1.
.
However, Agriculture Income respect of other land held by you is also required to be shown. In such a case ITR-2 can be used.
.
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