Is vacant land is taxable under income from house property?? WHY?
2 Replies
Z
(Tax Consultation (US and India))
(2965 Points)
Replied 29 November 2018
NO.
S.22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head "Income from house property".
To be exigible under the head of "income from house property" the land must be appurtenant to the building.
Hari Sripada
(101 Points)
Replied 29 November 2018
It is taxable under head IFOS
What can be taxable under IFHP is buildings or LANDS near to such buildings...
if any income from vacant land should go under income from other sources
What can be taxable under IFHP is buildings or LANDS near to such buildings...
if any income from vacant land should go under income from other sources
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