Income of trust

Others 523 views 1 replies

Gaurav

MBA

144 Points Joined November 2008

Dear all,

A trust is having the rental income from the Warehouses it has, now while filing the return whether such income shall be shown in the Income from House Property or PGBP? If the answer to this is Income from HP then whether the deduction u/s24 shall be deemed as spending of 85%?

Kindly help me in the said issue.

Thanking you

Replies (1)

Prashant Kini

Article Assistant

154 Points Joined December 2008

Yes rental income from letting out of warehouse by trust is taxable under Income from House property. Standard deduction u/s 24 at the rate of 30% does not amount to application of Income as application should be real and not notional