08 April 2018
Sir, my client is into trading proprietory business and has given a commercial property which is on his personal name on rent and he has charged GST on the rental income.
however he has shown rental income under the indirect income in business p&l account . which increases the business NP.
he had done so , to settle the liability of GST arising out of rental income against business income as he had raised invoice under the same GST number of the proprietor. though it is income from HP , how can we show it as business income ?
08 April 2018
Please read this article you can get some clarity about the rental income is under IFHP or PGBP...
https://taxguru.in/income-tax/rental-income-house-property-business-income.html
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