Rakesh Rao (CA Final Student) (408 Points)
20 May 2011Please tell me whether Rent income of Building let out to Branch of a Public sector Bank should be included under the head "Income from House Property"?? That is the only source of income including Interest from Savings and FD.
Please mention the provisions also...
Which ITR form is applicable in above case??
Thanx in advance!!
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 20 May 2011
Yes denfinatly the income from building let out to bank must be taxed under income from house property and the right ITR will be ITR 2 of its new equvivilant ITR
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 20 May 2011
there is no particular section you can say that section 22 itself says rent from any building and land therto for business or residence will be taxed under IHP
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 20 May 2011
YES IT WILL COME UNDER THE INCOME FROM HOUSE PROPERTY
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