If a private limited company having main course of business of exports but having a vacant property was given as let out and now receiving a rent. It is not part of its main business. Now under which head of income does this renting of business property income comes.
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Assessment of heads of income
Replies (3)
No, rent received shall be taxed under head Income from house property.
For presentation in companies act format, show it under Other income in P&L
For presentation in companies act format, show it under Other income in P&L
Can i have any case law stating the same or any section reference quoting the same.
the premises that is used for business purpose and part of it which is lent out will be considered as business income under indirect incomes and the one which us separate from business will be taxed as house property and STD deduction of 30%can be claimed
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