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Taxability of rental income from commercial property

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(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
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Soumitra Basu

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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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