15 March 2012
The word ‘building’ is not confined in its scope only to dwelling houses. ‘House’ is defined in the Oxford Dictionary of English, 10th Edition as : a building for human habitation especially one that is lived in by a family or by a small group of people consisting of ground floor and one or more storeys. The word ‘house’ in association with other words also has many other meanings. But a commercial building is not regarded as a house. That, however, would not take the income from such buildings out of the ambit of section 22 - CIT v. Chennai Properties & Investments Ltd. [2004] 136 Taxman 202/266 ITR 685 (Mad.). So as per this such income should not be inculded in sec 22
15 March 2012
The word ‘building’ is not confined in its scope only to dwelling houses. ‘House’ is defined in the Oxford Dictionary of English, 10th Edition as : a building for human habitation especially one that is lived in by a family or by a small group of people consisting of ground floor and one or more storeys. The word ‘house’ in association with other words also has many other meanings. But a commercial building is not regarded as a house. That, however, would not take the income from such buildings out of the ambit of section 22 - CIT v. Chennai Properties & Investments Ltd. [2004] 136 Taxman 202/266 ITR 685 (Mad.). So as per this such income should not be inculded in sec 22
16 March 2012
As per your concern if the assessee in the business of providing let out commercial property then it is covered under PGBP.
Your article meaning regarding house is right. bt when people have two or three house. so he can't stay all house. he will used other property as letout or empty. so every house is not considered for living purpose.
CAclubindia
