Treatment of Rent income from guest house
This query is : Resolved
04 December 2008
i converted my residence as a guest house with 15 rooms and offering accomadations to IT companies on daily rent
i have filed my personal IT return as Rent income from house property.
one of my friend told me that it should be treated as income from business.
could any once can clarify please
i have filed my personal IT return as Rent income from house property.
one of my friend told me that it should be treated as income from business.
could any once can clarify please
04 December 2008
Lot depends on the agreement with the guests. If you are not providing any other service like telephone operator, secretary and the like, then it has to be House property but if you providing the said services then it can be considered as business or even other sources.
Right now if it is convenient to you House property is correct.
Right now if it is convenient to you House property is correct.
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