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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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Regarding Income
Replies (2)
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.
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.
Rent income on building house property will fall under IFHP.
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