income from house property

1016 views 3 replies

can any one tell me how to calculate income from house property ? during below mention situations.

1. two partners X and Y have two building in their name , they use both the building for business (Partnership) purpose .

2. partner X has given his building for running the business purpose and taking rent from the business towards building.

3. Z is a managing director of a Company , he (Z) has one commercial property which he has given to the company for office purpose without any rent.

Or

He takes rent from company

whether it makes any difference if company is Private company of Public Company.

Replies (3)

Dear Mr. Umeshshenker Goenka,
For your first query - the property in both X's and Y's hands will not be charged under H.P., but will be charged under Business & Profession.
Regards,
Prabeer Sarkar.

Dear Friend,

In the first case wat MR.Prabeer Sarkar told is correct.

In case of Second Query the partner who has let the house to the firm will be assessed under the head House Property as Let Out Property and the P/s Firm can claim expenses related i.e rent and others.

In case of Last Query my Opinion is same as above.

reply to my mail ID if you have any queries

malepati143 @ yahoo.co.in

 

 

 

Dear,

 

The opinion given by malpati is absolutely correct.

If you have any querry then send me the same at following mail id

casanjeev123 @ gmail.com


CCI Pro

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