13 December 2021
Assessee has a commercial property against which rent is being received and same is shown as Income from HP but to reduce Taxes he wants to treat it as Business Income. His only source of Income is receiving lease rentals. He is also having GST Registration for Rental Income and also collecting Maintenance charges. How to effect the change from HP to PGBP and what shall be the value of Building in such scenario? Thanks in Advance
13 December 2021
Declare the lease rental and maintenance charges collection under PGBP. Value of the building will be what actually it costed. Depreciate building without land. Charge all expenses.
13 December 2021
Thanks Sir, Will any legal changes be required or it can start with maintainence of Books of Accounts and Audit if required? Will same GST registration continue to hold good?
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