House property
This query is : Resolved
08 February 2013
The rent received for reliance tower (on the building) is fall under H.P. or IFOS?
08 February 2013
Conditions for attributing income as income from HP
• The property should consist of any building or land appurtenant thereto
• The assessee should be the owner of the property
• The property should not be used by the owner for the purpose of any business or profession carried on by him, the profits of which are chargeable to tax.
In this case it is let out of a portion of building and hence should be chargeable under HP.
• The property should consist of any building or land appurtenant thereto
• The assessee should be the owner of the property
• The property should not be used by the owner for the purpose of any business or profession carried on by him, the profits of which are chargeable to tax.
In this case it is let out of a portion of building and hence should be chargeable under HP.
08 February 2013
Check the Benefit to the assesse.. the case can be moulded in anyway.. can take 30% benefit in HP or benefit of its expenses if shouwn under PGBP
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