Virtual rent to be treated as hp income or other income
This query is : Resolved
11 December 2012
I had purchased a warehouse from a builder who had promised me to finish construction of the warehouse within 1 year & thereafter put it on rent for me either with a third party or with himself.
But he failed to finish construction in the said period of 1 year. but still as per his commitment, he started paying me rent on the said unconstructed property.
Can someone guide me :
whether the rent so received can be disclosed by me as House Property income claiming the 30% deduction
OR
Should I consider it in any other head of income?
But he failed to finish construction in the said period of 1 year. but still as per his commitment, he started paying me rent on the said unconstructed property.
Can someone guide me :
whether the rent so received can be disclosed by me as House Property income claiming the 30% deduction
OR
Should I consider it in any other head of income?
11 December 2012
Since there no building , income must chargeable under the head other sources.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Cloud service
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Accounting Policies changes
- SECTION 194T
- B2B Amendment
- Running non ac bus under contract with roadways
- GST ITC on Liquidated damages
- Sale of Gold ornaments
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- Forgot to update debit note in gst
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
- Clarification Required on GST Rate & HSN Classification – Millet-Based Probiotic Drink
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
