Heads of Income ?

Tax queries 723 views 8 replies

Vijay Kr. Mishra

prop.

576 Points Joined May 2009

Please Specify the Heads of Income - Rental income from Telecom TOWER situated at 100% Self occupied House.

Replies (8)

Riyaz Khan

CA CS (Exec) MBA (Fin) Asst. General

1315 Points Joined December 2008

Income From Other Sources

Prabeer

B. COM (H) CA & CS Final

5484 Points Joined December 2007

Income from Other Sources.

RITESH KOTHARI

B.COM FCA DISA(ICAI)

778 Points Joined March 2009

refer to a case law: [2000] 244 ITR 1 (CAL.) HIGH COURT OF CALCUTTA Mukherjee Estate (P.) Ltd.vs.Commissioner of Income-tax Y.R. MEENA AND R.K. MAZUMDAR, JJ. IT REFERENCE NO. 220 OF 1993 MARCH 7, 2000

it states that if assessee has an agreement to rent his terrace to the party then it would be income from house property but if he has an agreement to rent haording or build tower then it will be income from other sources.

in the referred case assesse has no agreement and therefore even after his claim of 30% SD is allowed by the Commissioner (appeals), ITAT reversed the same and CIT u/s 256 confirms it.Thus it totally depends on the agreement between you Mr. Mishra and the telecom company

hope u find me clear.

For any queries please feel free to contact me

Krutesh Patel

ACA

727 Points Joined July 2009

It should be taxed in head income from other sources

CA Devanshi Gandhi (Ajani)

FCA DISA Mcom CIFRS & LLB

9060 Points Joined February 2009

IFOS

BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

income from other sources

saurabh

552 Points Joined January 2008

Originally posted by :RITESH KOTHARI
"	refer to a case law: [2000] 244 ITR 1 (CAL.) HIGH COURT OF CALCUTTA Mukherjee Estate (P.) Ltd.vs.Commissioner of Income-tax Y.R. MEENA AND R.K. MAZUMDAR, JJ. IT REFERENCE NO. 220 OF 1993 MARCH 7, 2000 it states that if assessee has an agreement to rent his terrace to the party then it would be income from house property but if he has an agreement to rent haording or build tower then it will be income from other sources. in the referred case assesse has no agreement and therefore even after his claim of 30% SD is allowed by the Commissioner (appeals), ITAT reversed the same and CIT u/s 256 confirms it.Thus it totally depends on the agreement between you Mr. Mishra and the telecom company hope u find me clear. For any queries please feel free to contact me	"