Taxability of commercial property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2015 I want to know the taxability of commercial property provided with all facilities like parking, lift elevators etc.

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2015 This taxable under head income from house property

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 April 2015 The lease rent earned through leasing out commercial property constitutes business income for the owner of the property. As such, it is taxed as business income. The normal deductions in earning that business income are deductible. The expenses should pertain to, or be attributable to, earning the income from the commercial property. The income, although earned from property, is attributable to the business income of the owner of the property.

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