Taxability of rental income from commercial property
This query is : Resolved
Gorav Kumar Goyal
(Querist)
15 March 2013
DEAR SIR,
Our company has let out its commercial property to its separate company with which it has entered into Joint Venture.
i want to know whether it is taxable under Business or Profession or Income from House Property??
Further if taxable under House Property whether deprecation as well 30% standard deduction both can be availed??
Thanks,
Gorav Goyal
Our company has let out its commercial property to its separate company with which it has entered into Joint Venture.
i want to know whether it is taxable under Business or Profession or Income from House Property??
Further if taxable under House Property whether deprecation as well 30% standard deduction both can be availed??
Thanks,
Gorav Goyal
Soumitra Basu
(Expert)
17 March 2013
No depreciation is allowable on taxable the income under Income from House Property. If you prove that this is a venture/business then you may claim to treat the income as Income from Business.
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