dear friends,
can we take the rental income received from a building let out for commercial purpose , (not for residential purpose) under income from house property.
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Income from house property
Replies (7)
no...any rental income recieved from leting out building (wether for residential or commercial purpose) is to be taken while computing income from house property
Yes it will be taxable u/h house property
The property may be used for any purpose, but it should not be used by the owner for the
purpose of any business or profession carried on by him, the profit of which is chargeable to
tax.
So in my opinion the rent will be chargeable under the head "House Property"
AGREED WITH Swapnil Jain
According to Sec22 of the Income tax act,1961 the income from the house property is chargeable when the
BUILDING and land appurtnent thereto, in the previous years..
The building may be Commercial or Residential. however the building should not be used for the purpose of the business or profession of the assessee.
Regards.
Laxmi narasimha
If you are builder or developer then it will be chargeable under the head businness and profession(Except Contractor)
every property is covered Under Income from House Porperty.......
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