whether rental income by a company come under the head PGBP or IFHP
This query is : Resolved
06 December 2016
Our company receive rental from commercial let out to emirates of which property belong to company name. Company management want it be a part of pgbp but auditor says it should be shown under ifhp. for this reason company not avail to claim business expenditure highly and we have to claim only straight 30% std. ded u/s 24(a).
Kindly provide any suggestion or proof so that we can discuss the same with auditor.
Message likes :
1 times
07 December 2016
You need to look into the actual nature of business.. if it is mainly letting out the commercial property then it may be charged under the PGBP otherwise the income from HP is chargeable under the head IFHP..
07 December 2016
As we all are aware of that moa & aoa are designed in the same manner for all co. however in real fact co. have only rental income
31 October 2021
Charge it under PGBP, if that is the only income.
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
