Assess source of income from a private hospital rent received.
question:
Assess treatment of rental income business income or property income show in I.t. returns.
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Treatment of rental income
Replies (6)
Is assessee Individual or firm or Company?
If Firm then kindly refer object clause of partnership and if company then refer MOA...
Why to refer??
Because as per section 22 of It, Act 1961...
Income from HP shall be Charged to IFHP only if..
1. He is owner of that HP and
2. HP is not used for Business or Profession..
if above conditions are not satisfied then Income shall be charged to PGBP
If Firm then kindly refer object clause of partnership and if company then refer MOA...
Why to refer??
Because as per section 22 of It, Act 1961...
Income from HP shall be Charged to IFHP only if..
1. He is owner of that HP and
2. HP is not used for Business or Profession..
if above conditions are not satisfied then Income shall be charged to PGBP
Rent received is taxable under IFHP
Assess a partnership firm
What is object clause mentioned in deed?
In case of an individual it is a rental income in other cases it can be treated as business income also
Show it as business income
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