TREATMENT OF COMMERCIAL RENTAL INCOME -& AND RESIDENTIAL PROERPTY RENTAL INCOME UNDER IT ACT
This query is : Resolved
08 February 2022
KIND ATTN. SIR
AN ASSESSEE IS HAVING INCOME FROM BUSINESS AND AS WELL AS RENTAL INCOME FROM RESIDENTIAL PROPERTY AND RENTAL INCOME FROM COMMERCIAL PROPERTY , WHICH HAS BEEN COVERED UNDER GST .KINDLY CLARIFY THE TREATMENT OF INCOME FROM COMMERCIAL PROPERTY UNDER INCOME TAX ACT,SINCE IT HAS BEEN SHOWN AS TAXABLE SUPPLY OF SERVICE UNDER GST.
THANK YOU SIR
AN ASSESSEE IS HAVING INCOME FROM BUSINESS AND AS WELL AS RENTAL INCOME FROM RESIDENTIAL PROPERTY AND RENTAL INCOME FROM COMMERCIAL PROPERTY , WHICH HAS BEEN COVERED UNDER GST .KINDLY CLARIFY THE TREATMENT OF INCOME FROM COMMERCIAL PROPERTY UNDER INCOME TAX ACT,SINCE IT HAS BEEN SHOWN AS TAXABLE SUPPLY OF SERVICE UNDER GST.
THANK YOU SIR
CA R SEETHARAMAN
(Expert)
08 February 2022
Show it as business income and claim depreciation on commercial property.
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