12 July 2009
HI , IF WE ARE RECEIVING RENTAL INCOME FROM VACANT LAND, IT WILL BE TAXED UNDER THE HEAD INCOME FROM OTHER SOURCES. IF WE ARE FILLING ITR THERE ARE FOUR ITEMS GIVEN AGAINST WHICH WE SHOULD PROVIDE THE AMOUNT. 1.DIVIDENT RECEIVED 2.INTEREST INCOME 3.RENT FROM PLANT.MACHINERY,BUILDING,ETC.. 4.OTHERS.. MY QUERY IS WHETHER WE PROVIDE UNDER RENTAL INCOME OR OTERS.. FOR PLANT,MACHINERY,BUILDING..WE CAN CLAIM DEPRECIATION AND REPAIRS AS DEDUCTION..FOR LAND IT IS NOT POSSIBLE..
CAclubindia
