i've rented a house for 25000/-p.m, with an additonal clause of paying interest for delay payment(i.e. beyond 10th of next month) @ 12%.
Now my doubt is abt the treatment of interest recieved. whether to include in house property income or income from other sources.
INCOME FROM OTHER SOURCE
AGREEE WITH ABOVE
IT IS INTEREST INCOME..... SO SHOULD BE INCLUDED IN OTHER SOURCE INCOME........
ya...It is absolutely income from other sources
| Originally posted by : Aashutosh Bhide | ||
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IT IS INTEREST INCOME..... SO SHOULD BE INCLUDED IN OTHER SOURCE INCOME........ |
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Interest must be taken to the Head " Income from Other Sources" because of following reasons:
-Income from House property includes income which is in inherent capacity of property but interest earned in above case do not represent the inherent capacity of property hence it must be taken to head " Income from other Sources."
| Originally posted by : valji | ||
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AGREEE WITH ABOVE |
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Not income from house property ...
It;s income from other sources
It is Income from other sources.
income from other sources
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