31 October 2012
Can a company receiving rent on building claim such income as "Income from Business" inspite of "Income from House Property" and can claim deduction of salary expenses against such income?
31 October 2012
Ref. Sec 22 which is charging sec of House property Income:-
Section 22. INCOME FROM HOUSE PROPERTY.
The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner , other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head "Income from house property".
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