11 October 2010
What is the nature of Income from Rent received from commercial units let out in a shopping mall. Whether House property or Business Income.
11 October 2010
Karnatake High Court in the case of CIT Vs. Bhoopalam commercial Complex & industries (P) Ltd said ,when commercial complex is constructed by the assessee and rental income is derived by the assesee alone in his own right,he is the owner under section 22 of the Income tax Act,1961 and even when the object of the assessee is to derive income from letting out, such income is to be assessed under the head Income from House property.
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