Tax on house proprety

This query is : Resolved

Pragya (Querist)
Follow

20 July 2013 IF AN INDIVIDUAL RENT OUT HIS TERACE TO ANY TELECOM COMPANY FOR ERECTING THEIR TOWERS, THAN SUCH INCOME WOULD BE TAXABLE IN WHICH HEAD.?? HOUSE PROPERTY OR INCOME FROM OTHER SOURCES.

Aditya Agarwal

Aditya Agarwal (Expert)
Follow

20 July 2013 In the case of Mukherjee Estate P. Ltd. reported in 244 ITR 1, the Hon’ble Calcutta High Court has held that income on account of display of hoardings on the top of the building for advertisement purposes to display the advertisement is not an income from house property as hoardings do not form part of the building which is income from the house property and other parts of the building. Hon’ble High Court has clearly held that letting out the hoardings, which are neither part of the building nor the land appurtenant thereto, therefore, such income cannot be income from house property. To treat the income from house property, first it should be letting out of a property. This is a primary requirement of treating any income from income from property. Similarly, the income derived from installation of towers/antennas on roof of building and giving parking space on rent is not income from house property which falls or to be assessed under section 22 of Income-tax Act. Any income from these sources has to be assessed under the head “income from other sources”

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.K.RAMAKRISHNA. PRABHU

T E SOUNDARARAJAN

CA Varun Gupta

Rohit Sachdeva

CA. MOHIT SHARMA

Subscribe Now

Tax on house proprety

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA