19 August 2010
Income from sub-letting the property will be taxable under head HOuse property also, becasue there is no condition that person who let the house, should be owner of house.
Your answer is right, now futher i wants to detailed my problem which is as under : 1. a residential house is owned by Mr. X & Y. 2. this house is rented to a private limited company and most interesting point is that Mr. X is also director of such private limited comapny. 3. this private limited company is renting the house to others and receiving rent.
so my question is :
1.under which head the income in the hand of comapny will be taxed. 2.if it is taxed under income from other sourse than the comapny will be able to claim expenses incurred on various head (like general business expenditure).
CAclubindia
