Rent Income of plot of Land...
will be taxable under which head? and reason?
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Rent Income
Replies (5)
plot of land means it's our property so why it is not under the head of INCOME FROM HOUSE/PROPERTY?
rent from HOUSE PROPERTY can only be taxed under that Head...here the rent is by way of letting out land hence cannot be taxed under hp and is to be taxed under the head IFOS
income is charged under house property in connection of land only if such land is appurtent and forms part of the house property. in case of a open land it wud be chargeable as income from other sources. for more insight on this refer to section 22 of the act
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