Can a business of letting out properties be treated as income from business and profession?

Tax queries 185 views 1 replies

CA Nikhil Arora

Chartered Accountant

91 Points Joined June 2012

Dear All

A Firm Doing The business of letting out the properties by developing it be treated as Income from Business or Profession or it will be treated as Income From House property.

Will the Judgement of Chennai Properties and Investment Ltd will apply?

Thanks in Advance

Replies (1)

if the main business of the firm is letting out of immovable property and substantial imcome is from that source only. then, the judgement of Chennai properties will be applicable and income would be taxable under business profession