Rent income

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if out of block of asset assessee has let out part of it whether the same can be treated as rental income

Replies (1)

As per Income tax act, To be taxable under the head "Income from House Property", Assessee should be owner of House property and assessee should not use the property for his business purpose. In you case as you said, It is out of Block of asset and i think you have provided depreciation too. For an Assessee carrying Business, if any asset is let out for Temporary purpose, it is taxable in the hands of Assessee as Business income and if let out with an Intention not to use in the business, it is taxable either under the head Income from other sources or Income from  House property. In your case if it is for permenant basis then Tax it as Rental Income but you should not provide depreciation till date.


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