Rent from staffs

Arka

Look in case of your own property ,,there is nothing related to your business ...it is just an individual contract between you & staff. It is just like if your staff taking room on rent outside .So it is your persaonl income.....

And in case of staff quarter , it is the asset for ur company & company  also get the deduction for expenses on repair , maitainence of quarter & also get the deduction of depreciation.........

Sir Gupta,I can understand that what you are trying to convey,but this earlier post which i quoted above,confuses me more,

it says that assessee is giving rent for the continuation of his business,so the income must be assesable 

Arka

This is what i m telling you...........that Staff quarter is your business property & all the expenses related to repair & maintainence will be allowed in business income............

And the incom generated from abive rent is shown as other income & taxable under business income.......

Hope ther is no doubts.........

 yep thanks very much now

one possibly last doubt

So if i rent my own property to the staffs of my business for the continuation of my business,it will be taxable under Income from House Properties?

It will be income from business

Arka

It is your personal incoem & taxable under Head House Property ..............that inceom has not any relation with your ibusiness........

i agree with dpka

Dear Friend

Actual exp is allowed in business premises not in House Property

in this case 30% of your rent receiveing if its NAV then (30%) Deduction is allowed and Municipal Taxes are allowed only if it have paid by you only i.e not by tennaunt and paid in the year or before filling return date if expense of same year

Thanks

Nitin Grover