An assessee having rental income by way of letting out shops in a commercial complex earned 100000 Rs. Interest on building advance deposit in a year. My query is regarding the nature of interest earned as it is incidental to such property letting out. Is it to be classified as business income or other source?
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Classification of interest earned on building advance deposit
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| Originally posted by : JATINDER KUMAR | ||
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Can you please explain in detail...!?
@ Mr. Venkatramana , this type of income not consider as business income
What is the nature of business activity of the assessee? If the assessee is in the business of letting out of property then it can be considered as Business income. Otherwise it has to be consdered as Other Sourse Income.
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