Mr. X had been using his factory site for his own business for few years for which he was claiming depreciation, etc. Later he had closed down his Business and had let out his Factory site for rent. Whether this rent will be treated as Income from house property or Business Income???
rent received will b taxed under house property income.
that it was earlier used for business purpose is of no relevance.
Dear Gayathri,
When a business is closed temporarily and its assets are let out on rent, the same will not be taxed under IFHP. However, if the business is permanently closed, and assets are let out for rent, it will be taxed under IFHP
YES AGREE WITH MR. SURYA.
madam gayathri,
getting away from the topic, is'nt JO lovely?
Reply given by Mr. Muguntha is right and i agree with him
i agree with Mr. Narayanan.
Its income from House property only. .
hi,
its income from house property
Business Permanently closed & only Factory premises given on Rent Income from HP Temporarily closed & factory given on Rent Income from B/P. But in First case also if entire factory with machines given on Rent Income from B/P
It is income from House Property
I agree with MR. Narayan
Its only income form house property
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