Indudhar (Tax Advocate) (427 Points)
24 September 2009Friends,
An assessee partnership firm is deriving hitachi rental income, under what head of income is the same shown.
Is this to be considered as business/profession?
Can we claim the expenses for the same..
plz help me
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 24 September 2009
nature of income depends upon the nature of business in which firm involves. If business of the firm is to give the property to other on rent, then such income will be covered under the head Business income, otherwise under the head income from other sources. Expenditure can be claimed to incur such income.
regards,
ratan
Rajeev
(www.rkmco.com)
(985 Points)
Replied 25 September 2009
i dont think it can be shown as IFOS , since its a residual charging head . Leasing of machinery is a business or incidental to business and should be generally shown as PGBP
Pratul
(FINANCE MANAGER)
(105 Points)
Replied 30 September 2009
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