Income tax on rental income received from Hostel

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CMA
135 Points Posted on 14 November 2021

Dear Sir/Madam

We are running Hostel and let out  majorly to students and charging only rental on monthly basis. No other facilities like fooding etc provided by us.

Please guide whether such rental income is chargeable under House Property or Business.

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On 14 November 2021 at 10:59 Report
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Quick Summary
This discussion explores whether income generated from renting out rooms in a hostel, primarily to students on a monthly rental basis, should be classified as income from House Property or Business income for tax purposes. While House Property might seem a practical fit, the theoretical possibilities of both classifications are being considered.

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Practising CA
5649 Points Posted on 14 November 2021
Practically, house property can be a better fit. Theoretically, both are possible.
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On 14 November 2021 at 11:25
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Chartered Accountant
16188 Points Posted on 15 November 2021
Income from House property
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On 15 November 2021 at 06:04

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