14 March 2011
I have a green land (other than a 100% Self occupied house) in Town and within Municipal area. I have constructed a lodge (15 Rooms @ 1,000/- Per Room Per Month) & given to students on rent on the said land in 50% area and getting Rental income. On rest 50% area of green land i am growing flower ( ...) and selling it & earning money. (purchaser of these flowers sell it to worshipers in the Temple for worship.)
14 March 2011
Under the given case, u have 2 incomes: 1) HP incomeof 180000/- less std deduction & intt on loan if any. Also for self occupied house u can claim intt on loan, if any as negative income. 2) income from business: sale of flowers. whatever use purchaser put to is not relevant here.
CAclubindia
