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Furnished Accomodation

Tax queries 1084 views 3 replies

 

Hey Frnds can u help me on this?

Letting out of Furnished House Property in ordinary course is taxable under which head of income.?

Please support the answer with necessary evidence in form of case laws

Replies (3)

If you can distinct the value for accomodation and furniture then Rent for House will be House Property Income and for Furniture it will be IFOS. Otherwise full IFOS

thanks for the answer but could you pls support ur answer with case laws .

sumeet bhai suppose that u have a house property which is fully furnised and let out for a monthly rent of Rs.50,000 for the house and as well as for furniture and u dont know how much for house and how much for the furniture i.e. u can't distinct the values then the amount of Rs.50,000 will be taxable under the head INCOME FORM OTHER SOURCES.

But if u can distinct that Rs.40,000 is for house rent and Rs.10,000 is for furniture than Rs.40,000 is taxable under head INCOME FROM HOUSE PROPERTY and remaining Rs.10,000 will be taxable under head INCOME FROM OTHER SOURCES.

i hope now u getting the point that CA Kirti mentioned.


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