In case of indivisible contract for letting of property and furnishings, composite rent is taxable as other sources
Where letting of building and letting of fixtures, fittings, air-conditioning plant, furniture, etc., were inseparable, rental income be assessed as income from other sources
Yes, S/22 :
The taxability of Composite Rent can be well understandable by considering Two cases mentioned below:
Case1: Where total amount are inseparable
Where composite rent consists of rent for the building & hire charges for other assets & the two rents are inseparable, then the entire amount is chargeable under the “Business Income” or “Other Sources”, as case may be.
Case2: Where total amount are separable
Composite Rent is taxable as Income From House property & if its clearly divisible & Demarcation of Rent Recd for property & Other facilities are mentioned & Evident in your agreement or have Seperate Agreements for both this Parts Then Property rent under HP & Other Rent under Other Sources
ALL ABOVE THANKS FOR REPLYING BUT I M INFORMING NOT ASKING
| Originally posted by : manoj | ||
 |
In case of indivisible contract for letting of property and furnishings, composite rent is taxable as other sources Where letting of building and letting of fixtures, fittings, air-conditioning plant, furniture, etc., were inseparable, rental income be assessed as income from other sources |
 |
Is insurance premium paid deducted from ifos in this case?
| Originally posted by : manoj | ||
|
In case of indivisible contract for letting of property and furnishings, composite rent is taxable as other sources Where letting of building and letting of fixtures, fittings, air-conditioning plant, furniture, etc., were inseparable, rental income be assessed as income from other sources |
|
Is insurance premium paid deducted from ifos in this case?
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