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Regarding Income

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accountant
564 Points Posted on 29 November 2019
Respected Members
Rent Income
Is calculate is turnover or not ?
and Rent income is in which head of accounts capital or business income.
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On 29 November 2019 at 07:17 Report
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Practice
3235 Points Posted on 29 November 2019
Rent income from land and building is taxable under head House Property unless and until it is not a business of person.. rent of plant and Machinery is taxable under head other source unless and until it is business of such person.
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On 29 November 2019 at 09:01
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17264 Points Posted on 29 November 2019
Rent income on Land will fall under income from other sources. won't get 30% flat deduction towards repairs.

Rent income on building house property will fall under IFHP.
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On 29 November 2019 at 12:20


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