Tax on Industrial Shed
This query is : Resolved
03 September 2021
A firm taken land on lease for 30 years, and constructed industrial shed on such land, Am paying lease charges to land owner every month. Industrial shed is let out for business purpose , Whether Rent received from tenant to be declared as Income from House Property or Income from Business? . please note that The firm will be the owner for Built up area of sheds for 30 years only.
Please advise
Please advise
03 September 2021
If the firm is engaged in such type of business, in that case the income will be business income. Otherwise it can be offered to assessment u/h IFHP.
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