If a private company states Renting of property and allied services as its business in the object clause, will the rental income thereafter be treated under House Property or under PGBP?
The company in question provides rental space and AC and Generator Services, charges AC and Generator Service income under PGBP and Rental Income under House Property.
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Appropriate Head of Income for IT
Replies (2)
Such rental income from property would be considered as Income from Business and Profession.
Profit & gains from business & profession is the appropriate head.
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