One firm has a business which is stop now a days abd wind up. and its Depreciable assets is give on rent. So, guide me in which head we treat income of rent? Whether it is granted in House Property or Other Soueses. Firm have a huge depreciable loss still pending and frim is parnership firm.
Thx in advance
Please note that the rental income from renting depreciable assets cannot bw shown under House Property, as for rental income to be shonw from house property there should be an house property incluinding any land appurtenant thereto if any.
The income would be required to be shown as Income from other sources. Depreciation loss can be set-off against any income. Hence the Income from renting of assets can be set-off against depreciation loss.
Chirag P Shah & Co. Chartered Accountant
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S.B.G. & CO. CHARTERED ACCOUNTANTS
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