28 September 2013
It's a Private ltd company having the main object to let out the building. My doubt is whether it is chargeable under "House Propety or Business or Professiona Income"
29 September 2013
You have both the options. However, generally it is beneficial to claim the same under house property as 30% deduction is anyways provided under section 24 along with interest deduction.
if you offer the same under business income, you would end up offering more income for taxation.
08 October 2013
If the main object is that of leasing then it should also include machinery for treating this as business income otherwise it is HP income where you get direct 30% deduction and no other expenses will be allowed except interest and Municipal tax
CAclubindia
