house property

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This query is : Resolved

Vinod Kumar Mathuria (Querist)

19 August 2010 in case of sub tenant who is renting house to others and receiging inocome in which head such income is to be taxed.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)

19 August 2010 Income from sub-letting the property will be taxable under head HOuse property also, becasue there is no condition that person who let the house, should be owner of house.

PANKAJ KHURANA

PANKAJ KHURANA (Expert)

19 August 2010 Income from subletting is not taxable under section 22, but is taxable under section 56 under the head " Income from other sources"

Vinod Kumar Mathuria

Vinod Kumar Mathuria (Querist)

21 August 2010 Mr. Khurana

Your answer is right,
now futher i wants to detailed my problem which is as under :
1. a residential house is owned by Mr. X & Y.
2. this house is rented to a private limited company and most interesting point is that Mr. X is also director of such private limited comapny.
3. this private limited company is renting the house to others and receiving rent.

so my question is :

1.under which head the income in the hand of comapny will be taxed.
2.if it is taxed under income from other sourse than the comapny will be able to claim expenses incurred on various head (like general business expenditure).

Thanks in advance

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