Business income vs house property
This query is : Resolved
17 September 2013
Dear Experts,
A Partnership Firm in existance since 1981 has factory premises to conduct its business. During last couple of years, due to economic downturn and competition, the Firm has not received orders and hence the partners decided to 'let out' the factory premises.
During the year, only 'Leave and License fees' where earned plus interest on FD of the Firm.
What will be the head of income iro 'Leave and License fees'?
Thanks in advance...
A Partnership Firm in existance since 1981 has factory premises to conduct its business. During last couple of years, due to economic downturn and competition, the Firm has not received orders and hence the partners decided to 'let out' the factory premises.
During the year, only 'Leave and License fees' where earned plus interest on FD of the Firm.
What will be the head of income iro 'Leave and License fees'?
Thanks in advance...
19 September 2013
If you are leasing the factory premises then the income shall be rental income but if you are leasing the machinery in the same premises for running by other parties then the same shall be business income for machinery and HP income for premises
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