SIR, MY CLIENT IS A PVT LTD COMPANY WHICH PRESENTLY OWNS A HOTEL AND THE INCOME FROM HOTEL OPERATIONS SHOWN UNDER BUSINESS INCOME. NOW THE COMPANY WANTS TO GIVE ON LEASE THE HOTEL TO SOME ONE. NOW THE QUESTION IS IN WHICH HEAD OF INCOME, THE LEASE INCOME IS TO BE SHOWN? PL CLARIFY.
IF IT IS UNDER BUSINESS INCOME THERE IS NO ISSUE. IF IT IS HOUSE PROPERTY INCOME, CAN WE WRITE DIRECTORS REMUNERATION IN BOOKS OF ACCOUNTS EVENTHOUGH SUCH REMUNERATION IS NOT DEDUCTIBLE WHILE COMPUTING TAXABLE INCOME. PL CLARIFY.
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