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.
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